Staking and limited supply drive Solana to a record $137B market capitalization

Solana’s market cap soared to a record $137 billion in late 2025, propelled by unique on-chain factors even though the token’s price stayed about 15% under its record high. The increase in market capitalization is attributed to supply-side dynamics, such as recent token releases, robust staking participation, and a declining inflation rate. These conditions have produced an order book dominated by buyers, helping shield the price and setting the stage for possible long-term gains for the network.

The boost in market cap was primarily due to a marked rise in the available supply. Roughly 89% of Solana’s total tokens—around 543 million SOL—are currently in circulation, with the remaining 11% still locked or set aside. A significant release of 11.16 million tokens in 2025, related to FTX distribution, eliminated a major supply concern, lowering the risks from excess tokens. Since then, monthly unlocks have averaged just 12,700, easing future downward pressure on the price. This effective absorption of new supply has allowed market cap to break previous records, although the SOL price has leveled off near $250, still below its all-time high of $294 from January 2025.

Key on-chain adoption indicators further highlight Solana’s underlying robustness. Staking has locked up close to 67% of the total supply, with 410 million

staked by late 2025. This supply crunch in circulation has put upward pressure on price. At the same time, the network’s yearly inflation rate of 4.279% is set to gradually decrease, supporting long-term value growth for holders. The intersection of active staking and a falling inflation rate has created conditions favorable for ongoing price strength, even if immediate price rallies are absent.

The effects of these factors are visible in Solana’s recent trends. The platform delivered a 55% return on investment during Q3 2025, surpassing major resistance levels and showing strong demand from buyers. This progress was also fueled by increased decentralized application (dApp) use, with 407 dApps now on Solana—putting it

at 10th place worldwide. Additionally, the total value locked (TVL) in Solana-based DeFi platforms hit $11.17 billion, which is 9.1% of all DeFi TVL. These numbers demonstrate Solana’s expanding practical use and its appeal to both retail and institutional investors.

Experts suggest that Solana’s market value is rooted in its economic fundamentals, not just its price. The prevalence of buyers in the order book, along with minimized supply risks and strong staking, indicates a solid base for future growth. Although the SOL price trails the market cap, this gap could point to a maturing network adoption cycle. The remaining 11% of tokens are expected to enter the market gradually, further reducing the likelihood of sharp price swings from large unlocks.

Present market conditions also make Solana attractive to institutional players. Its capacity to handle over 700,000 transactions per second and low transaction costs have attracted significant DeFi and NFT partnerships. Alongside this, a growing developer base of 3,201 active contributors cements Solana’s reputation as a scalable Web3 platform. As the ecosystem continues to grow, the balance between increasing demand and limited supply may drive future gains in both price and market cap.