Solana almost doubled in price over the past weeks, but gave up some of its gains Thursday.
BitMex co-founder Arthur Hayes said he's been a buyer during the rush.
Institutional inflows to funds and rising activity supported the trend, but some signs suggest the rally could halt.
Solana's run came after many observers questioned its future following the implosion of Sam Bankman-Fried's FTX exchange and Alameda Research trading firm almost a year ago. Bankman-Fried and his companies were large investors in the Solana ecosystem.
Despite the encouraging signs of rejuvenation for the ecosystem, total value locked (TVL) on the Solana network still lingered at $855 million, down from $10 billion two years ago. Only yime will tell whether this is a forced push.