SOLSolana Price

The price of Raydium's native token, $RAY, has surged over 105% in a week, reaching $1.72—a level not seen since November. The rally is attributed to massive transaction volumes from the launchpad platform StonkFun, which recently migrated all new token launches to Raydium's LaunchLab. As a result, all trades are now settled through Raydium's pools, generating significant fee revenue. Crucially, Raydium's protocol uses 12% of all trading fees to buy back $RAY daily on the open market, permanently removing the tokens from circulation. On September 8th, this buyback hit $640,788, the largest single-day amount since February. The move has propelled $RAY's market cap to $465 million, placing it on the verge of entering the top 100 cryptocurrencies.

Analytical firm Blockworks Research has released a bullish price forecast for PUMP, the native token of the Solana-based memecoin launchpad Pump.fun. Analyst Shaun Devent's comprehensive analysis evaluates the token as undervalued based on revenue, projecting a potential price increase to a range of $0.0108 to $0.0205. This represents a 2.3x to 4.4x gain from the current price of approximately $0.0037. The forecast is based on three market scenarios applying different price-to-sales (P/S) multiples to Pump.fun's substantial annual revenue of $677 million (with a current P/S of just 2.8x). The bear case uses a 1.5x–2.8x P/S multiple, the base case 3x–5x, and the bull case 5x–10x. A weighted probabilistic model combining these scenarios (25% bear, 50% base, 25% bull) yields the target price range. The analysis highlights that Pump.fun's revenue and PUMP's valuation multiplier are highly sensitive to overall market activity. The platform is also evolving from a simple token launchpad into a broader consumer ecosystem. However, the report cautions that in a severe downturn, PUMP's price could fall 50–75% to a range of $0.0011–$0.0019, underscoring the asset's high volatility and market dependency.

In August, Solana (SOL), Ethereum (ETH), and Bitcoin (BTC) surged 41.5%, 32.6%, and 25.0% respectively, significantly outperforming the Nasdaq's 3.9% gain and gold's 9.9% rise, according to a Crypto.com Research report. This rally, however, is viewed more as a risk appetite recovery following a steep first-half correction rather than confirmation of a new sustained bull market. Year-to-date (YTD), major crypto assets remain in negative territory (BTC: -10.3%, ETH: -17.0%, SOL: -17.3%), trailing traditional assets like the S&P 500 (+12.3%) and Nasdaq (+13.5%). Institutional inflows provided key support, with U.S. spot Bitcoin ETFs seeing their highest monthly net inflows (~$3.5B) since October 2025. Ethereum ETFs also attracted significant capital. Traditional finance continued to integrate crypto, with BlackRock expanding its tokenized money market fund and Charles Schwab broadening its crypto services. Looking ahead, the market's immediate focus is on the upcoming FOMC meeting. With August CPI at 3.4% and new Fed Chair Kevin Warsh's hawkish tone, markets are pricing in an 85% probability of a 25-basis-point rate hike. The decision and guidance are seen as a critical test, potentially determining whether recent crypto gains can be sustained or if downward pressure will emerge.

The number of tokenized equity holders on Solana has surged past 800,000, reaching 801,439 addresses as of September 12. This represents an 88% increase from 424,894 at the beginning of the month, a growth that took just under two weeks. A significant driver of this rapid expansion is the recent launch of custom trading pairs on platforms like Pump.fun, where new meme coins are paired with tokenized stocks. Trading fees from these coins are paid in the stock tokens (e.g., from Nvidia or S&P 500), automatically adding wallets to the holder count without an active investment decision. Consequently, while the total value of tokenized equities on the network grew 47% to a record $684 million, the average holding per address is estimated at only around $850, indicating small-scale distributions and speculative activity. The holder count reflects widespread token distribution through launchpad mechanisms and new wallet creation rather than the number of unique users. This growth coincides with real-world developments, including Nike's tokenized stock launch and Galaxy Digital enabling shareholders to tokenize their holdings on Solana.

**Podcast Notes: Veteran Analyst with 30 Years of Experience Bullish on Crypto, Betting on BTC, ETH, and Solana** Jordi Visser, a seasoned analyst, outlines a bullish case for the crypto market, centering on the convergence of AI and blockchain. He identifies Bitcoin, Ethereum, and Solana as his core holdings, viewing them as representing different strengths: a foundational store of value, institutional trust, and technological speed, respectively. His central thesis is the massive potential of asset tokenization to unlock liquidity from the roughly $700 trillion pool of traditional, illiquid assets (real estate, private equity, etc.). He likens the current crypto market to a small, inefficient betting pool ("Pompano"), where prices are set by retail participants. The entry of even a tiny fraction of traditional institutional capital ("Meadowlands") could drastically reprice crypto assets due to the vast size disparity. Visser argues AI agents will require crypto-based systems for autonomous economic activity, making blockchain infrastructure a structural necessity. He notes early signs of institutional adoption, citing Stanley Druckenmiller's investment in a crypto-native asset manager as a key signal. His bullish technical trigger is Bitcoin sustaining a position above its rising 200-day moving average.