Solana Spike — Why $240 Is Different This Time

Real fees, real users, REV at multi-year highs. The structural floor under SOL is finally visible.

SOL pushed through $240 on real fee revenue, not narrative. Network REV — priority fees plus base fees minus burn — hit a multi-year high in April, and DAA crossed 6.4M for the first time outside of an airdrop week.

The validator economics also changed. Jito-staked SOL now represents 51% of stake, and MEV tips are flowing back to delegators at a meaningful clip. Effective staking yield is 7.9% net of inflation, the best in the L1 set.

The structural change: stablecoin float on Solana hit $9.6B, with USDC native issuance carrying most of it. That is the demand floor — the chain is now used for payments and trading at scale.