Risk-on in Solana, even as ceasefire cools tensions
2025/06/26 12:24This is a segment from the Lightspeed newsletter. To read full editions, subscribe .
It’s been a wild week out there, with liquidations rocking the market over the weekend and into Monday.
While Solana volumes spiked, memecoins still held the top spot , defying expectations of a risk-off shift.
The shifting market sands came into clearer focus following the fragile ceasefire deal between Iran and Israel. The deal, unexpectedly brokered by US President Donald Trump, seems to have pulled global markets out of a nosedive.
On Solana , that détente unleashed a wave of forced liquidations, according to reporting from SolanaFloor. Over $31 million in SOL perps were wiped onchain, surpassing even CEX liquidations for the second day in a row. Onchain liquidations exceeded centralized volumes by 96%, clearing the decks for a structural rebound.
While centralized markets found their footing, Solana validator revenue continued to cool , and net staking yields held steady at 7.23%. Supply dynamics began to shift as liquid staking tokens (LSTs) crept upward again, hinting at renewed confidence in passive yield strategies.
Risk is still here. But capital is learning where it wants to live. And increasingly, that seems to be Solana.
The chain has remained the top performer across all L1s and L2s in network revenue for more than 13 weeks now. Developer activity has stayed elevated. And while SOL’s price action remains tethered to macro chop, the fundamentals are quietly diverging.
Bitcoin, meanwhile, retraced from its recent highs, briefly dipping below $100,000 for the first time since early May during the weekend selloff. However, it reclaimed key levels after the ceasefire without triggering a cascade of further liquidations. Capital appears to be rotating within crypto, not exiting it.
This week’s activity exposed a deeper rotation in how capital behaves under stress. In the face of macro risk, Solana mostly saw reallocation rather than outflows. Liquidity stayed onchain, stablecoin volume surged and perp infrastructure absorbed volatility faster than centralized markets did.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown : Decoding crypto and the markets. Daily.
- Empire : Crypto news and analysis to start your day.
- Forward Guidance : The intersection of crypto, macro and policy.
- 0xResearch : Alpha directly in your inbox.
- Lightspeed : All things Solana.
- The Drop : Apps, games, memes and more.
- Supply Shock : Bitcoin, bitcoin, bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Australian Dollar breaks 0.69 as hot US CPI raises 50-bp Fed hike risk
Philadelphia Fed President Paulson supports gradual rate hikes but warns inflation is still “stuck ” above target
Core inflation is "stuck" in the 2.5%-3% range, with triple pressures from tariffs, energy, and AI data center demand. Paulson insists on gradual rate hikes while setting clear trigger conditions—if inflation expectations shift upwards or wage pressures build, he will move more quickly. Meanwhile, Governor Waller stated that if October's core CPI rises 0.3% month-on-month, a 50 basis point rate hike in December should be considered. Dallas Fed's Logan said at least two more rate hikes are needed.
During Anthropic IPO roadshow, OpenAI also discloses financial data: Q3 revenue falls short, losses far exceed expectations
OpenAI's revenue in Q3 reached $10 billion, marking a nearly 50% quarter-on-quarter increase. Its annualized run rate is approximately $50 billion, but operating losses have expanded from $10.1 billion to $10.9 billion. Competitor Anthropic has begun its IPO roadshow, with Q3 revenue of $17 billion and losses of only $567 million, leading in both scale and profitability.
Petrobras (PBR.US) Achieves Record Oil and Gas Production in Q3; Adjusted Net Profit Up 78% Year-on-Year, Raises Full-Year Production and Capital Expenditure Guidance
Petrobras released its Q3 2026 financial results after the US market close on November 10.
Crypto prices
More
