Solana rallied 6% as Breakpoint 2025 showcased JPMorgan's $50M commercial paper and institutional RWA deals. Coinbase opened DEX access to 100M users.
Solana's 6% rally over the past 24 hours reflects a concentrated response to Breakpoint 2025's institutional RWA announcements, Coinbase opening on-chain DEX access to its massive user base, and steady ETF inflows, all converging as macro conditions shifted from hostile to cautiously supportive following the Fed's latest rate cut.
Solana News: Breakpoint's Institutional Wave And Coinbase Integration Drive Solana's Outperformance
Conference Delivers Dense Package Of Real-World Asset Announcements
The timing of Solana's move lines up with day 1 and early day 2 of the Breakpoint 2025 conference in Abu Dhabi, which produced a stream of institutional and RWA headlines that are directly Solana-specific. The Solana Foundation's own recap highlights Bhutan's Gelephu Mindfulness City launching TER, "the world's first sovereign-backed, physical gold-backed digital token," backed by the country's gold reserves and issued via DK Bank with Matrixdock tech, Marketnode and Lion Global Investors tokenizing their Singapore-vaulted physical gold fund on Solana, and State Street Investment Management and Galaxy Asset Management debuting a tokenized private liquidity fund (SWEEP) on Solana for on-chain cash management.
JPMorgan issued a $50 million US commercial paper transaction for Galaxy Digital on a public blockchain for the first time, choosing Solana rather than its usual private Quorum ledger. dYdX, one of the biggest DeFi derivatives venues, launched its first-ever spot trading product and chose Solana as the expansion chain, explicitly tying this to a more favorable US regulatory environment and Solana's throughput. Tokenized equities and securities announcements included Animoca Brands planning to tokenize its equity on Solana via Republic, with multiple institutional partners framing Solana as "the only chain capable of scaling tokenized securities" in this context.
These are not vague "partnerships" but concrete tokenization deals and real debt issuance on Solana by large names like Bhutan, Marketnode, JPMorgan, State Street, Galaxy, Animoca and others. Crucially, they all hit feeds during the same 24-36 hour window in which SOL's price moved from the low $130s to around $139. Some coverage even notes that, at first, SOL did not react much and traded down with the broader market despite Breakpoint, then stabilized and began to rebound as the dust settled. That fits the chart: SOL spent much of yesterday around $131, then climbed toward $134 in the evening, then $137-$139 into early UTC hours as these announcements sank in.
Breakpoint turned what could have been a normal developer conference into a showcase for RWA, tokenized gold, and institutional capital on Solana, strengthening the "serious settlement layer" story and making dip-buying around $130 easier to justify for both crypto-native and traditional investors.
Coinbase Opens App To On-Chain Solana Trading For Millions
A second, very tangible driver is how easy it is about to become for large numbers of retail users to trade Solana tokens, plus steady inflows into Solana ETFs. At Breakpoint, Coinbase announced that its app will let users trade any Solana token through an integrated on-chain DEX, without waiting for centralized exchange listings. Coinbase's 100 million users will be able to swap Solana assets using USDC, bank accounts, cash or debit cards, as soon as a token has sufficient on-chain liquidity. Solana tokens will begin to appear natively alongside Bitcoin and Ethereum inside the Coinbase app, reflecting a deliberate strategy to "specifically focus" on Solana.
A separate analysis spells out the implication: this removes the bottleneck of formal CEX listings for Solana projects, and gives builders immediate visibility to millions of users as soon as they launch a token, provided there is decent liquidity. This sets up a "demand overhang" that can push price up once macro headwinds ease.
At the same time, US spot Solana ETFs saw about $4.85 million of inflows on December 10, and roughly $22 million in inflows this week, bringing cumulative net inflows to around $661 million and net assets close to $950 million. Another report highlights $16.6 million of Solana ETF inflows "yesterday" and notes that Solana led all chains in application revenue, at over $3.6 million in 24 hours, reinforcing that the ecosystem is not just hype. These are not huge numbers compared with Bitcoin ETFs, but they are meaningful for a single L1 chain, especially because they come in a period where SOL had already pulled back roughly 40% from earlier highs, looking like dip-buying rather than forced selling.
Dominance In DEX Volume And Strong Network Metrics
Beyond announcements, hard usage data and sentiment around Solana in this window are quite strong. A widely shared data nugget shows Solana leading 24-hour DEX volume at about $4.04 billion, compared with roughly $1.91 billion on Ethereum and $1.78 billion on BNB Chain, a clear sign that traders are actually using Solana for on-chain trading at scale, not just talking about it. Another breakdown underlines that Solana has delivered 100% uptime in the past year, with transaction fees around $0.001 and confirmation times near 400 milliseconds, also quoting TVL of about $3.6 billion and monthly DEX volume of $35.9 billion, noting that tokenized assets and institutional capital are accelerating Solana's transformation.
New cross-chain and DeFi primitives continue to launch on Solana during this period. For example, Hex Trust and LayerZero introduced wrapped XRP (wXRP) on Solana using LayerZero's OFT standard, with over $100 million of TVL at launch, designed to bring XRP liquidity into Solana DeFi. Although coverage says traders "did not react strongly" to wXRP alone, the combination with other RWA and ETF news adds to the sense of broadening use cases.
Social sentiment for Solana over the past 24 hours sits around 5.13 on a 0-10 scale, which is slightly bullish. The most shared positive posts are not random memes, but conference and adoption highlights: Raydium's "Breakpoint Day 1 Recap" telling followers "You are not bullish enough," the official Solana account quoting Anthony Scaramucci saying that by next Breakpoint, "BlackRock, Blackstone, and JPMorgan could be using this network to transact," and Solana's long thread summarizing Breakpoint, which reads almost like an institutional investor deck: tokenized gold, sovereign assets, tokenized private funds, DeFi perps, tokenized equities and more. The conversation around Solana in this 24-hour window is dominated by real usage, institutional names, and RWA launches, rather than drama, outages, or hacks.
When one chain leads on usage metrics, has visible institutional names building on it, and social sentiment is quietly positive, it often outperforms the broader altcoin basket once macro stress eases. Solana's +6% versus roughly +0.4% for altcoins fits that pattern.
Macro Shift From Hostile To Cautiously Supportive
All of this is happening inside a macro environment that has just turned modestly more supportive. The Federal Reserve cut rates by 25 basis points at its latest meeting and announced new Treasury-buying operations that analysts view as a significant step away from quantitative tightening, with coverage noting this is the third cut and labeling it a tailwind for risk assets, including crypto, via easier financial conditions. Over the same 24-hour period, total crypto market cap rose about 2.22% to $3.14 trillion, while Bitcoin dominance stayed flat near 58.7% and the crypto Fear & Greed index remained in "Fear" territory at 29, a combination that says "risk is coming back gradually, but people are not greedy yet."
In derivatives, global open interest increased about 4-5% over 24 hours and funding rates edged higher but remain modestly positive, pointing to renewed long positioning but not at levels that scream overcrowded euphoria. For Solana specifically, there is ongoing supply overhang from FTX and Alameda unlocking SOL, yet recent data show events like FTX unstaking 194,861 SOL (about $25.5 million) have been absorbed by the market without outsized price impact, which reinforces confidence in Solana's liquidity. Some technical analyses remain cautious, pointing to a potential bearish flag and a possible path to $100 if $122 fails as support, though these same pieces note that Solana ETFs continue to gain assets and that a break back above $147 would invalidate the bearish scenario. The Fed has moved from "tightening and threatening" to "cutting and quietly adding liquidity", and the crypto market is stabilizing while still in "Fear", a backdrop where a fundamentally strong, narrative-rich chain like Solana is a natural candidate to outperform on the upside.
Concentrated Response To Multiple Catalysts
Solana's positive move over the last 24 hours looks like a lagged, concentrated response to a heavy dose of institutional and RWA news at Breakpoint (sovereign gold, tokenized funds, and JPMorgan's first public-chain debt issuance, all explicitly on Solana), Coinbase opening its app to on-chain Solana DEX trading for tens of millions of users and steady inflows into US Solana ETFs, and strong on-chain traction and DEX volumes combined with a macro environment that has shifted from hostile to cautiously supportive after the latest Fed cut, giving investors both the narrative and the liquidity to buy SOL off the $130 area. Taken together, those drivers explain why SOL is up around 6% in a day while the broader altcoin market is barely higher.
