<p>V&agrave;o th&aacute;ng 09/2025, Solana (SOL) &#273;&atilde; ghi nh&#7853;n m&#7913;c t&#259;ng gi&aacute; nh&#7865; nh&#432;ng ch&#7913;ng ki&#7871;n s&#7921; bi&#7871;n &#273;&#7897;ng m&#7841;nh trong kho&#7843;ng 200&ndash;250 USD sau c&uacute; s&#7853;p nhanh c&#7911;a th&#7883; tr&#432;&#7901;ng.</p>
<p>M&#7863;c d&ugrave; v&#7853;y, c&aacute;c ch&#7881; s&#7889; tr&ecirc;n chu&#7895;i nh&#432; ngu&#7891;n cung stablecoin, kh&#7889;i l&#432;&#7907;ng DEX v&agrave; ho&#7841;t &#273;&#7897;ng t&agrave;i s&#7843;n m&atilde; h&oacute;a v&#7851;n ti&#7871;p t&#7909;c t&#259;ng. &#272;i&#7873;u n&agrave;y cho th&#7845;y m&#7841;ng l&#432;&#7899;i c&oacute; th&#7875; &#273;ang b&#7883; &#273;&#7883;nh gi&aacute; th&#7845;p so v&#7899;i ti&#7873;m n&#259;ng th&#7921;c s&#7921; c&#7911;a n&oacute;.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-strong-growth-momentum">&#272;&#7897;ng l&#7921;c t&#259;ng tr&#432;&#7903;ng m&#7841;nh m&#7869;</h2>

<p>Theo <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-crypto-monthly-recap-for-september-2025/" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o m&#7899;i nh&#7845;t</a> c&#7911;a <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-crypto-monthly-recap-for-september-2025/" target="_blank" rel="noopener">VanEck</a>, <a href="https://beincrypto.com/learn/what-is-solana/" target="_blank" rel="noreferrer noopener">Solana</a> &#273;&atilde; ghi nh&#7853;n m&#7913;c t&#259;ng +2% trong th&aacute;ng 09/2025. Tuy nhi&ecirc;n, m&#7913;c t&#259;ng n&agrave;y kh&ocirc;ng k&eacute;o d&agrave;i, khi gi&aacute; t&#259;ng v&#7885;t l&ecirc;n 250 USD tr&#432;&#7899;c khi <a href="https://vn.beincrypto.com/they-say-sol-is-oversold-time-to-buy-the-dip/" target="_blank" rel="noreferrer noopener">gi&#7843;m xu&#7889;ng d&#432;&#7899;i 200 USD</a> trong v&ograve;ng m&#7897;t tu&#7847;n do c&uacute; s&#7853;p nhanh c&#7911;a th&#7883; tr&#432;&#7901;ng.</p>
<img style="height:400px;width:640px;" decoding="async" alt="Bi&#7871;n &#273;&#7897;ng gi&aacute; SOL trong th&aacute;ng 09. Ngu&#7891;n: TradingView" class="wp-image-756937 lazy" loading="lazy" src="https://assets.beincrypto.com/img/HlOq-rFKA7elqUgBxmC-lvqagKc=/smart/0ed787c3de094e4ab77b3fb18d7c709a">Bi&#7871;n &#273;&#7897;ng gi&aacute; SOL trong th&aacute;ng 09. Ngu&#7891;n: <a href="https://www.tradingview.com/chart/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

<p>T&#7915; g&oacute;c &#273;&#7897; t&agrave;i ch&iacute;nh, doanh thu c&#7911;a Solana gi&#7843;m 11% so v&#7899;i th&aacute;ng tr&#432;&#7899;c, ph&#7843;n &aacute;nh s&#7921; ch&#7853;m l&#7841;i chung trong bi&#7871;n &#273;&#7897;ng th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917;. S&#7921; bi&#7871;n &#273;&#7897;ng c&#7911;a SOL gi&#7843;m 16% so v&#7899;i th&aacute;ng tr&#432;&#7899;c. T&#7927; l&#7879; SOL/ETH hi&#7879;n t&#7841;i v&#7851;n d&#432;&#7899;i &#273;&#432;&#7901;ng xu h&#432;&#7899;ng m&#7897;t n&#259;m c&#7911;a n&oacute;.</p>
<img style="height:400px;width:640px;" decoding="async" alt="T&#7927; l&#7879; SOL/ETH. Ngu&#7891;n: VanEck" class="wp-image-756938 lazy" loading="lazy" src="https://assets.beincrypto.com/img/SMHRETO89zYBFuByV8pGAv_D1HE=/smart/39ec40cdc577428c918035cab0d6760d">T&#7927; l&#7879; SOL/ETH. Ngu&#7891;n: <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-crypto-monthly-recap-for-september-2025/" target="_blank" rel="noreferrer noopener nofollow">VanEck</a>

<p>&#272;&#7897;ng l&#7921;c gi&aacute; c&#7911;a SOL trong th&aacute;ng 09 ch&#7911; y&#7871;u &#273;&#432;&#7907;c th&uacute;c &#273;&#7849;y b&#7903;i s&#7921; l&#7841;c quan xung quanh c&aacute;c &#273;&#7907;t ra m&#7855;t ETP SOL ti&#7873;m n&#259;ng v&agrave; s&#7921; gia t&#259;ng c&#7911;a m&#7897;t s&#7889; Kho b&#7841;c T&agrave;i s&#7843;n K&#7929; thu&#7853;t s&#7889; (DAT) m&#7899;i t&#7853;p trung v&agrave;o Solana. Hai DAT l&#7899;n &mdash; Forward (1.5 t&#7927; USD) v&agrave; Helius (500 tri&#7879;u USD) &mdash; &#273;&atilde; ra m&#7855;t trong th&aacute;ng, t&#259;ng nhu c&#7847;u t&#7915; c&aacute;c t&#7893; ch&#7913;c &#273;&#7889;i v&#7899;i SOL. &#431;&#7899;c t&iacute;nh hi&#7879;n t&#7841;i cho th&#7845;y c&aacute;c DAT d&#7921;a tr&ecirc;n Solana hi&#7879;n n&#7855;m gi&#7919; kho&#7843;ng 2.5% t&#7893;ng cung SOL, v&#7899;i nhi&#7873;u d&#7921; &aacute;n kh&aacute;c &#273;ang trong qu&aacute; tr&igrave;nh tri&#7875;n khai.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-technical-upgrades-alpenglow-firedancer-and-p-token">N&acirc;ng c&#7845;p k&#7929; thu&#7853;t: Alpenglow, Firedancer, v&agrave; P-token</h2>

<p>V&agrave;o &#273;&#7847;u th&aacute;ng 09, c&aacute;c nh&agrave; x&aacute;c th&#7921;c Solana &#273;&atilde; b&#7887; phi&#7871;u &aacute;p &#273;&#7843;o (98%) &#273;&#7875; ph&ecirc; duy&#7879;t <a href="https://vn.beincrypto.com/solana-approves-alpenglow-upgrade-price-jumps-6-5/" target="_blank" rel="noopener">n&acirc;ng c&#7845;p Alpenglow.</a> N&acirc;ng c&#7845;p n&agrave;y nh&#7857;m gi&#7843;m th&#7901;i gian ho&agrave;n t&#7845;t giao d&#7883;ch t&#7915; 12 gi&acirc;y xu&#7889;ng c&ograve;n 150 mili gi&acirc;y v&agrave; c&#7843;i thi&#7879;n kinh t&#7871; c&#7911;a nh&agrave; x&aacute;c th&#7921;c, s&#7921; &#7893;n &#273;&#7883;nh c&#7911;a &#273;&#7891;ng thu&#7853;n v&agrave; hi&#7879;u su&#7845;t t&#7893;ng th&#7875;.</p>
<p>Trong khi &#273;&oacute;, Solana ti&#7871;p t&#7909;c gi&#7843;i quy&#7871;t c&aacute;c h&#7841;n ch&#7871; v&#7873; th&ocirc;ng l&#432;&#7907;ng li&ecirc;n quan &#273;&#7871;n &ldquo;&#273;&#417;n v&#7883; t&iacute;nh to&aacute;n&rdquo; t&#7889;i &#273;a m&#7895;i kh&#7889;i. M&#7841;ng l&#432;&#7899;i d&#7921; &#273;&#7883;nh t&#259;ng dung l&#432;&#7907;ng kh&#7889;i l&ecirc;n 25% v&agrave;o cu&#7889;i n&#259;m, trong khi nh&oacute;m Firedancer c&#7911;a Jump &#273;&atilde; <a href="https://vn.beincrypto.com/solana-proposal-to-remove-block-limit/" target="_blank" rel="noreferrer noopener">&#273;&#7873; xu&#7845;t</a> SIMD-0370 &#273;&#7875; lo&#7841;i b&#7887; ho&agrave;n to&agrave;n gi&#7899;i h&#7841;n &#273;&#417;n v&#7883; t&iacute;nh to&aacute;n c&#7889; &#273;&#7883;nh.</p>
<p>Gi&#7899;i thi&#7879;u P-token, &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; thay th&#7871; &#273;&#7883;nh d&#7841;ng token SPL hi&#7879;n t&#7841;i, nh&#7857;m kh&#7903;i &#273;&#7847;u m&#7897;t s&#7921; thay &#273;&#7893;i ki&#7871;n tr&uacute;c s&acirc;u s&#7855;c h&#417;n. C&aacute;c token SPL kh&ocirc;ng hi&#7879;u qu&#7843; v&#7873; m&#7863;t t&iacute;nh to&aacute;n, ti&ecirc;u t&#7889;n kho&#7843;ng 10% kh&ocirc;ng gian kh&#7889;i c&#7911;a Solana m&#7895;i l&#7847;n chuy&#7875;n. P-token &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; gi&#7843;m nhu c&#7847;u t&iacute;nh to&aacute;n xu&#7889;ng 95%, c&oacute; th&#7875; t&#259;ng th&ocirc;ng l&#432;&#7907;ng giao d&#7883;ch g&#7847;n 10%.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-expanding-role-in-tokenization-and-stablecoins">Vai tr&ograve; m&#7903; r&#7897;ng trong tokenization v&agrave; stablecoins</h2>

<p>Solana ti&#7871;p t&#7909;c c&#7911;ng c&#7889; v&#7883; th&#7871; c&#7911;a m&igrave;nh trong t&agrave;i ch&iacute;nh to&agrave;n c&#7847;u, &#273;&#7863;c bi&#7879;t l&agrave; trong <a href="https://vn.beincrypto.com/kazakhstan-stablecoin-solana-mastercard-partnerships/" target="_blank" rel="noreferrer noopener">stablecoin</a> v&agrave; t&agrave;i s&#7843;n m&atilde; h&oacute;a. M&#7841;ng l&#432;&#7899;i &#273;&atilde; th&ecirc;m 2 t&#7927; USD v&agrave;o stablecoin, t&#7893;ng c&#7897;ng l&agrave; 14.3 t&#7927; USD. Nh&#7901; v&agrave;o t&#7889;c &#273;&#7897;, hi&#7879;u qu&#7843; v&agrave; chi ph&iacute; giao d&#7883;ch th&#7845;p kh&ocirc;ng th&#7875; s&aacute;nh k&#7883;p, Solana c&#361;ng c&oacute; th&#7875; tr&#7903; th&agrave;nh <a href="https://x.com/solana/status/1973925954113475024" target="_blank" rel="noreferrer noopener">&ldquo;m&#7841;ng l&#432;&#7899;i stablecoin c&#7911;a Ph&#7889; Wall.&rdquo;</a></p>
<p>Th&ecirc;m v&agrave;o &#273;&oacute;, Solana chi&#7871;m 60% kh&#7889;i l&#432;&#7907;ng chuy&#7875;n giao tr&ecirc;n chu&#7895;i trong c&#7893; phi&#7871;u m&atilde; h&oacute;a, ph&#7843;n &aacute;nh s&#7921; th&#7889;ng tr&#7883; ng&agrave;y c&agrave;ng t&#259;ng c&#7911;a n&oacute; trong vi&#7879;c m&atilde; h&oacute;a t&agrave;i s&#7843;n th&#7921;c (RWA).</p>
<p>Trong th&aacute;ng 09, SOL c&#361;ng &#273;&atilde; ghi nh&#7853;n <a href="https://x.com/solana_daily/status/1974501325607235861" target="_blank" rel="noreferrer noopener">125 t&#7927; USD kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch DEX</a>, &#273;&aacute;nh d&#7845;u th&aacute;ng th&#7913; 11 li&ecirc;n ti&#7871;p v&#432;&#7907;t tr&#7897;i h&#417;n Ethereum. <a href="https://x.com/solana_daily/status/1974315116868087855" target="_blank" rel="noreferrer noopener">Solana c&#361;ng d&#7851;n &#273;&#7847;u t&#7845;t c&#7843; c&aacute;c blockchain</a> v&#7873; t&#7893;ng doanh thu v&agrave; t&#259;ng tr&#432;&#7903;ng doanh thu trong 12 th&aacute;ng.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;Solana b&#7883; &#273;&#7883;nh gi&aacute; th&#7845;p h&#417;n Ethereum 5 l&#7847;n,&rdquo; CEO RockawayX <a href="https://x.com/viktorfischer/status/1974384079169528034" target="_blank" rel="noreferrer noopener">nh&#7853;n x&eacute;t</a>.</p>
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-sol-still-lagging-behind-btc-and-eth">SOL v&#7851;n t&#7909;t h&#7853;u so v&#7899;i BTC v&agrave; ETH</h2>

<p>M&#7897;t y&#7871;u t&#7889; &#273;&aacute;ng ch&uacute; &yacute; l&agrave; ho&#7841;t &#273;&#7897;ng c&#7911;a c&aacute; voi. Theo Ted Pillows, m&#7897;t th&#7921;c th&#7875; trung t&acirc;m tr&#432;&#7899;c &#273;&acirc;y &#273;&atilde; mua 1.5 t&#7927; USD SOL, <a href="https://x.com/TedPillows/status/1974832445393662283" target="_blank" rel="noreferrer noopener">&#273;&atilde; b&aacute;n 50% s&#7889; l&#432;&#7907;ng n&#7855;m gi&#7919;</a> trong v&agrave;i tu&#7847;n, c&oacute; kh&#7843; n&#259;ng g&oacute;p ph&#7847;n v&agrave;o s&#7921; k&eacute;m hi&#7879;u qu&#7843; c&#7911;a SOL so v&#7899;i BTC v&agrave; ETH k&#7875; t&#7915; khi ch&uacute;ng ph&#7909;c h&#7891;i v&agrave;o th&aacute;ng 04.</p>
<p>M&#7863;c d&ugrave; SOL v&#7851;n th&#7845;p h&#417;n 20% so v&#7899;i m&#7913;c cao nh&#7845;t m&#7885;i th&#7901;i &#273;&#7841;i (ATH), Pillows tin r&#7857;ng khi Bitcoin v&agrave; Ethereum &#273;&#7841;t &#273;&#7881;nh chu k&#7923;, Solana c&oacute; kh&#7843; n&#259;ng s&#7869; v&#432;&#7907;t tr&#7897;i h&#417;n c&#7843; hai trong giai &#273;o&#7841;n th&#7883; tr&#432;&#7901;ng ti&#7871;p theo.</p>
<img style="height:400px;width:640px;" decoding="async" alt="Hi&#7879;u su&#7845;t SOL so v&#7899;i BTC v&agrave; ETH. Ngu&#7891;n: Ted" class="wp-image-756939 lazy" loading="lazy" src="https://assets.beincrypto.com/img/2XDl5sUUTsHPDMvrRyzsJtAs_k0=/smart/bcb70e06dc7e47aca2c68db95929e795">Hi&#7879;u su&#7845;t SOL so v&#7899;i BTC v&agrave; ETH. Ngu&#7891;n: <a href="https://x.com/TedPillows/status/1974845531869638777" target="_blank" rel="noreferrer noopener">Ted</a>

<p>Khi &#273;&aacute;nh gi&aacute; qua hi&#7879;u su&#7845;t m&#7841;ng v&agrave; d&#7919; li&#7879;u on-chain, Solana c&oacute; v&#7867; b&#7883; &#273;&#7883;nh gi&aacute; th&#7845;p so v&#7899;i c&aacute;c y&#7871;u t&#7889; c&#417; b&#7843;n c&#7911;a n&oacute;. Tuy nhi&ecirc;n, kho&#7843;ng c&aacute;ch gi&#7919;a s&#7913;c m&#7841;nh k&#7929; thu&#7853;t v&agrave; &#273;&#7883;nh gi&aacute; th&#7883; tr&#432;&#7901;ng ch&#7881; c&oacute; th&#7875; thu h&#7865;p khi d&ograve;ng v&#7889;n t&#7893; ch&#7913;c b&#7855;t &#273;&#7847;u ch&#7843;y v&agrave;o &mdash; th&ocirc;ng qua ETF, stablecoin doanh nghi&#7879;p v&agrave; c&aacute;c d&#7921; &aacute;n RWA.</p>
<p>Sau nh&#7919;ng ph&aacute;t tri&#7875;n trong qu&yacute; 3, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&ecirc;n theo d&otilde;i ba y&#7871;u t&#7889; quan tr&#7885;ng trong <a href="https://vn.beincrypto.com/what-to-expect-from-sol-price-in-october/" target="_blank" rel="noreferrer noopener">nh&#7919;ng tu&#7847;n t&#7899;i</a>: <a href="https://vn.beincrypto.com/solana-etf-hype-builds-could-institutional-inflows-push-sol-to-300/" target="_blank" rel="noreferrer noopener">h&#7841;n ch&oacute;t ph&ecirc; duy&#7879;t ETF</a> (<a href="https://x.com/solana_daily/status/1974806788563181583" target="_blank" rel="noreferrer noopener">10/10 v&agrave; 16/10</a>), d&ograve;ng ti&#7873;n stablecoin v&agrave; s&#7921; b&#7873;n v&#7919;ng c&#7911;a kh&#7889;i l&#432;&#7907;ng DEX, v&agrave; h&agrave;nh vi t&iacute;ch l&#361;y c&#7911;a c&aacute; voi.</p>
<p>N&#7871;u nh&#7919;ng y&#7871;u t&#7889; n&agrave;y thu&#7853;n l&#7907;i, SOL c&oacute; th&#7875; &#273;&aacute;nh d&#7845;u b&#432;&#7899;c ngo&#7863;t &#273;&#7875; <a href="https://vn.beincrypto.com/solana-price-may-struggle-to-reach-key-level/" target="_blank" rel="noreferrer noopener">l&#7845;y l&#7841;i ATH</a> v&agrave; &#273;&#7883;nh v&#7883; Solana nh&#432; ng&ocirc;i sao t&#7893; ch&#7913;c ti&#7871;p theo trong chu k&#7923; ti&#7873;n &#273;i&#7879;n t&#7917;.</p>


Hiệu suất của SOL trong tháng 09/2023 cho thấy sức mạnh bất chấp biến động thị trường

<p>V&agrave;o th&aacute;ng 09/2025, Solana (SOL) &#273;&atilde; ghi nh&#7853;n m&#7913;c t&#259;ng gi&aacute; nh&#7865; nh&#432;ng ch&#7913;ng ki&#7871;n s&#7921; bi&#7871;n &#273;&#7897;ng m&#7841;nh trong kho&#7843;ng 200&ndash;250 USD sau c&uacute; s&#7853;p nhanh c&#7911;a th&#7883; tr&#432;&#7901;ng.</p>
<p>M&#7863;c d&ugrave; v&#7853;y, c&aacute;c ch&#7881; s&#7889; tr&ecirc;n chu&#7895;i nh&#432; ngu&#7891;n cung stablecoin, kh&#7889;i l&#432;&#7907;ng DEX v&agrave; ho&#7841;t &#273;&#7897;ng t&agrave;i s&#7843;n m&atilde; h&oacute;a v&#7851;n ti&#7871;p t&#7909;c t&#259;ng. &#272;i&#7873;u n&agrave;y cho th&#7845;y m&#7841;ng l&#432;&#7899;i c&oacute; th&#7875; &#273;ang b&#7883; &#273;&#7883;nh gi&aacute; th&#7845;p so v&#7899;i ti&#7873;m n&#259;ng th&#7921;c s&#7921; c&#7911;a n&oacute;.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-strong-growth-momentum">&#272;&#7897;ng l&#7921;c t&#259;ng tr&#432;&#7903;ng m&#7841;nh m&#7869;</h2>

<p>Theo <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-crypto-monthly-recap-for-september-2025/" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o m&#7899;i nh&#7845;t</a> c&#7911;a <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-crypto-monthly-recap-for-september-2025/" target="_blank" rel="noopener">VanEck</a>, <a href="https://beincrypto.com/learn/what-is-solana/" target="_blank" rel="noreferrer noopener">Solana</a> &#273;&atilde; ghi nh&#7853;n m&#7913;c t&#259;ng +2% trong th&aacute;ng 09/2025. Tuy nhi&ecirc;n, m&#7913;c t&#259;ng n&agrave;y kh&ocirc;ng k&eacute;o d&agrave;i, khi gi&aacute; t&#259;ng v&#7885;t l&ecirc;n 250 USD tr&#432;&#7899;c khi <a href="https://vn.beincrypto.com/they-say-sol-is-oversold-time-to-buy-the-dip/" target="_blank" rel="noreferrer noopener">gi&#7843;m xu&#7889;ng d&#432;&#7899;i 200 USD</a> trong v&ograve;ng m&#7897;t tu&#7847;n do c&uacute; s&#7853;p nhanh c&#7911;a th&#7883; tr&#432;&#7901;ng.</p>
<img style="height:400px;width:640px;"decoding="async" alt="Bi&#7871;n &#273;&#7897;ng gi&aacute; SOL trong th&aacute;ng 09. Ngu&#7891;n: TradingView" class="wp-image-756937 lazy" loading="lazy" src="https://assets.beincrypto.com/img/HlOq-rFKA7elqUgBxmC-lvqagKc=/smart/0ed787c3de094e4ab77b3fb18d7c709a">Bi&#7871;n &#273;&#7897;ng gi&aacute; SOL trong th&aacute;ng 09. Ngu&#7891;n: <a href="https://www.tradingview.com/chart/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

<p>T&#7915; g&oacute;c &#273;&#7897; t&agrave;i ch&iacute;nh, doanh thu c&#7911;a Solana gi&#7843;m 11% so v&#7899;i th&aacute;ng tr&#432;&#7899;c, ph&#7843;n &aacute;nh s&#7921; ch&#7853;m l&#7841;i chung trong bi&#7871;n &#273;&#7897;ng th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917;. S&#7921; bi&#7871;n &#273;&#7897;ng c&#7911;a SOL gi&#7843;m 16% so v&#7899;i th&aacute;ng tr&#432;&#7899;c. T&#7927; l&#7879; SOL/ETH hi&#7879;n t&#7841;i v&#7851;n d&#432;&#7899;i &#273;&#432;&#7901;ng xu h&#432;&#7899;ng m&#7897;t n&#259;m c&#7911;a n&oacute;.</p>
<img style="height:400px;width:640px;"decoding="async" alt="T&#7927; l&#7879; SOL/ETH. Ngu&#7891;n: VanEck" class="wp-image-756938 lazy" loading="lazy" src="https://assets.beincrypto.com/img/SMHRETO89zYBFuByV8pGAv_D1HE=/smart/39ec40cdc577428c918035cab0d6760d">T&#7927; l&#7879; SOL/ETH. Ngu&#7891;n: <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-crypto-monthly-recap-for-september-2025/" target="_blank" rel="noreferrer noopener nofollow">VanEck</a>

<p>&#272;&#7897;ng l&#7921;c gi&aacute; c&#7911;a SOL trong th&aacute;ng 09 ch&#7911; y&#7871;u &#273;&#432;&#7907;c th&uacute;c &#273;&#7849;y b&#7903;i s&#7921; l&#7841;c quan xung quanh c&aacute;c &#273;&#7907;t ra m&#7855;t ETP SOL ti&#7873;m n&#259;ng v&agrave; s&#7921; gia t&#259;ng c&#7911;a m&#7897;t s&#7889; Kho b&#7841;c T&agrave;i s&#7843;n K&#7929; thu&#7853;t s&#7889; (DAT) m&#7899;i t&#7853;p trung v&agrave;o Solana. Hai DAT l&#7899;n &mdash; Forward (1.5 t&#7927; USD) v&agrave; Helius (500 tri&#7879;u USD) &mdash; &#273;&atilde; ra m&#7855;t trong th&aacute;ng, t&#259;ng nhu c&#7847;u t&#7915; c&aacute;c t&#7893; ch&#7913;c &#273;&#7889;i v&#7899;i SOL. &#431;&#7899;c t&iacute;nh hi&#7879;n t&#7841;i cho th&#7845;y c&aacute;c DAT d&#7921;a tr&ecirc;n Solana hi&#7879;n n&#7855;m gi&#7919; kho&#7843;ng 2.5% t&#7893;ng cung SOL, v&#7899;i nhi&#7873;u d&#7921; &aacute;n kh&aacute;c &#273;ang trong qu&aacute; tr&igrave;nh tri&#7875;n khai.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-technical-upgrades-alpenglow-firedancer-and-p-token">N&acirc;ng c&#7845;p k&#7929; thu&#7853;t: Alpenglow, Firedancer, v&agrave; P-token</h2>

<p>V&agrave;o &#273;&#7847;u th&aacute;ng 09, c&aacute;c nh&agrave; x&aacute;c th&#7921;c Solana &#273;&atilde; b&#7887; phi&#7871;u &aacute;p &#273;&#7843;o (98%) &#273;&#7875; ph&ecirc; duy&#7879;t <a href="https://vn.beincrypto.com/solana-approves-alpenglow-upgrade-price-jumps-6-5/" target="_blank" rel="noopener">n&acirc;ng c&#7845;p Alpenglow.</a> N&acirc;ng c&#7845;p n&agrave;y nh&#7857;m gi&#7843;m th&#7901;i gian ho&agrave;n t&#7845;t giao d&#7883;ch t&#7915; 12 gi&acirc;y xu&#7889;ng c&ograve;n 150 mili gi&acirc;y v&agrave; c&#7843;i thi&#7879;n kinh t&#7871; c&#7911;a nh&agrave; x&aacute;c th&#7921;c, s&#7921; &#7893;n &#273;&#7883;nh c&#7911;a &#273;&#7891;ng thu&#7853;n v&agrave; hi&#7879;u su&#7845;t t&#7893;ng th&#7875;.</p>
<p>Trong khi &#273;&oacute;, Solana ti&#7871;p t&#7909;c gi&#7843;i quy&#7871;t c&aacute;c h&#7841;n ch&#7871; v&#7873; th&ocirc;ng l&#432;&#7907;ng li&ecirc;n quan &#273;&#7871;n &ldquo;&#273;&#417;n v&#7883; t&iacute;nh to&aacute;n&rdquo; t&#7889;i &#273;a m&#7895;i kh&#7889;i. M&#7841;ng l&#432;&#7899;i d&#7921; &#273;&#7883;nh t&#259;ng dung l&#432;&#7907;ng kh&#7889;i l&ecirc;n 25% v&agrave;o cu&#7889;i n&#259;m, trong khi nh&oacute;m Firedancer c&#7911;a Jump &#273;&atilde; <a href="https://vn.beincrypto.com/solana-proposal-to-remove-block-limit/" target="_blank" rel="noreferrer noopener">&#273;&#7873; xu&#7845;t</a> SIMD-0370 &#273;&#7875; lo&#7841;i b&#7887; ho&agrave;n to&agrave;n gi&#7899;i h&#7841;n &#273;&#417;n v&#7883; t&iacute;nh to&aacute;n c&#7889; &#273;&#7883;nh.</p>
<p>Gi&#7899;i thi&#7879;u P-token, &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; thay th&#7871; &#273;&#7883;nh d&#7841;ng token SPL hi&#7879;n t&#7841;i, nh&#7857;m kh&#7903;i &#273;&#7847;u m&#7897;t s&#7921; thay &#273;&#7893;i ki&#7871;n tr&uacute;c s&acirc;u s&#7855;c h&#417;n. C&aacute;c token SPL kh&ocirc;ng hi&#7879;u qu&#7843; v&#7873; m&#7863;t t&iacute;nh to&aacute;n, ti&ecirc;u t&#7889;n kho&#7843;ng 10% kh&ocirc;ng gian kh&#7889;i c&#7911;a Solana m&#7895;i l&#7847;n chuy&#7875;n. P-token &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; gi&#7843;m nhu c&#7847;u t&iacute;nh to&aacute;n xu&#7889;ng 95%, c&oacute; th&#7875; t&#259;ng th&ocirc;ng l&#432;&#7907;ng giao d&#7883;ch g&#7847;n 10%.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-expanding-role-in-tokenization-and-stablecoins">Vai tr&ograve; m&#7903; r&#7897;ng trong tokenization v&agrave; stablecoins</h2>

<p>Solana ti&#7871;p t&#7909;c c&#7911;ng c&#7889; v&#7883; th&#7871; c&#7911;a m&igrave;nh trong t&agrave;i ch&iacute;nh to&agrave;n c&#7847;u, &#273;&#7863;c bi&#7879;t l&agrave; trong <a href="https://vn.beincrypto.com/kazakhstan-stablecoin-solana-mastercard-partnerships/" target="_blank" rel="noreferrer noopener">stablecoin</a> v&agrave; t&agrave;i s&#7843;n m&atilde; h&oacute;a. M&#7841;ng l&#432;&#7899;i &#273;&atilde; th&ecirc;m 2 t&#7927; USD v&agrave;o stablecoin, t&#7893;ng c&#7897;ng l&agrave; 14.3 t&#7927; USD. Nh&#7901; v&agrave;o t&#7889;c &#273;&#7897;, hi&#7879;u qu&#7843; v&agrave; chi ph&iacute; giao d&#7883;ch th&#7845;p kh&ocirc;ng th&#7875; s&aacute;nh k&#7883;p, Solana c&#361;ng c&oacute; th&#7875; tr&#7903; th&agrave;nh <a href="https://x.com/solana/status/1973925954113475024" target="_blank" rel="noreferrer noopener">&ldquo;m&#7841;ng l&#432;&#7899;i stablecoin c&#7911;a Ph&#7889; Wall.&rdquo;</a></p>
<p>Th&ecirc;m v&agrave;o &#273;&oacute;, Solana chi&#7871;m 60% kh&#7889;i l&#432;&#7907;ng chuy&#7875;n giao tr&ecirc;n chu&#7895;i trong c&#7893; phi&#7871;u m&atilde; h&oacute;a, ph&#7843;n &aacute;nh s&#7921; th&#7889;ng tr&#7883; ng&agrave;y c&agrave;ng t&#259;ng c&#7911;a n&oacute; trong vi&#7879;c m&atilde; h&oacute;a t&agrave;i s&#7843;n th&#7921;c (RWA).</p>
<p>Trong th&aacute;ng 09, SOL c&#361;ng &#273;&atilde; ghi nh&#7853;n <a href="https://x.com/solana_daily/status/1974501325607235861" target="_blank" rel="noreferrer noopener">125 t&#7927; USD kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch DEX</a>, &#273;&aacute;nh d&#7845;u th&aacute;ng th&#7913; 11 li&ecirc;n ti&#7871;p v&#432;&#7907;t tr&#7897;i h&#417;n Ethereum. <a href="https://x.com/solana_daily/status/1974315116868087855" target="_blank" rel="noreferrer noopener">Solana c&#361;ng d&#7851;n &#273;&#7847;u t&#7845;t c&#7843; c&aacute;c blockchain</a> v&#7873; t&#7893;ng doanh thu v&agrave; t&#259;ng tr&#432;&#7903;ng doanh thu trong 12 th&aacute;ng.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;Solana b&#7883; &#273;&#7883;nh gi&aacute; th&#7845;p h&#417;n Ethereum 5 l&#7847;n,&rdquo; CEO RockawayX <a href="https://x.com/viktorfischer/status/1974384079169528034" target="_blank" rel="noreferrer noopener">nh&#7853;n x&eacute;t</a>.</p>
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-sol-still-lagging-behind-btc-and-eth">SOL v&#7851;n t&#7909;t h&#7853;u so v&#7899;i BTC v&agrave; ETH</h2>

<p>M&#7897;t y&#7871;u t&#7889; &#273;&aacute;ng ch&uacute; &yacute; l&agrave; ho&#7841;t &#273;&#7897;ng c&#7911;a c&aacute; voi. Theo Ted Pillows, m&#7897;t th&#7921;c th&#7875; trung t&acirc;m tr&#432;&#7899;c &#273;&acirc;y &#273;&atilde; mua 1.5 t&#7927; USD SOL, <a href="https://x.com/TedPillows/status/1974832445393662283" target="_blank" rel="noreferrer noopener">&#273;&atilde; b&aacute;n 50% s&#7889; l&#432;&#7907;ng n&#7855;m gi&#7919;</a> trong v&agrave;i tu&#7847;n, c&oacute; kh&#7843; n&#259;ng g&oacute;p ph&#7847;n v&agrave;o s&#7921; k&eacute;m hi&#7879;u qu&#7843; c&#7911;a SOL so v&#7899;i BTC v&agrave; ETH k&#7875; t&#7915; khi ch&uacute;ng ph&#7909;c h&#7891;i v&agrave;o th&aacute;ng 04.</p>
<p>M&#7863;c d&ugrave; SOL v&#7851;n th&#7845;p h&#417;n 20% so v&#7899;i m&#7913;c cao nh&#7845;t m&#7885;i th&#7901;i &#273;&#7841;i (ATH), Pillows tin r&#7857;ng khi Bitcoin v&agrave; Ethereum &#273;&#7841;t &#273;&#7881;nh chu k&#7923;, Solana c&oacute; kh&#7843; n&#259;ng s&#7869; v&#432;&#7907;t tr&#7897;i h&#417;n c&#7843; hai trong giai &#273;o&#7841;n th&#7883; tr&#432;&#7901;ng ti&#7871;p theo.</p>
<img style="height:400px;width:640px;"decoding="async" alt="Hi&#7879;u su&#7845;t SOL so v&#7899;i BTC v&agrave; ETH. Ngu&#7891;n: Ted" class="wp-image-756939 lazy" loading="lazy" src="https://assets.beincrypto.com/img/2XDl5sUUTsHPDMvrRyzsJtAs_k0=/smart/bcb70e06dc7e47aca2c68db95929e795">Hi&#7879;u su&#7845;t SOL so v&#7899;i BTC v&agrave; ETH. Ngu&#7891;n: <a href="https://x.com/TedPillows/status/1974845531869638777" target="_blank" rel="noreferrer noopener">Ted</a>

<p>Khi &#273;&aacute;nh gi&aacute; qua hi&#7879;u su&#7845;t m&#7841;ng v&agrave; d&#7919; li&#7879;u on-chain, Solana c&oacute; v&#7867; b&#7883; &#273;&#7883;nh gi&aacute; th&#7845;p so v&#7899;i c&aacute;c y&#7871;u t&#7889; c&#417; b&#7843;n c&#7911;a n&oacute;. Tuy nhi&ecirc;n, kho&#7843;ng c&aacute;ch gi&#7919;a s&#7913;c m&#7841;nh k&#7929; thu&#7853;t v&agrave; &#273;&#7883;nh gi&aacute; th&#7883; tr&#432;&#7901;ng ch&#7881; c&oacute; th&#7875; thu h&#7865;p khi d&ograve;ng v&#7889;n t&#7893; ch&#7913;c b&#7855;t &#273;&#7847;u ch&#7843;y v&agrave;o &mdash; th&ocirc;ng qua ETF, stablecoin doanh nghi&#7879;p v&agrave; c&aacute;c d&#7921; &aacute;n RWA.</p>
<p>Sau nh&#7919;ng ph&aacute;t tri&#7875;n trong qu&yacute; 3, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&ecirc;n theo d&otilde;i ba y&#7871;u t&#7889; quan tr&#7885;ng trong <a href="https://vn.beincrypto.com/what-to-expect-from-sol-price-in-october/" target="_blank" rel="noreferrer noopener">nh&#7919;ng tu&#7847;n t&#7899;i</a>: <a href="https://vn.beincrypto.com/solana-etf-hype-builds-could-institutional-inflows-push-sol-to-300/" target="_blank" rel="noreferrer noopener">h&#7841;n ch&oacute;t ph&ecirc; duy&#7879;t ETF</a> (<a href="https://x.com/solana_daily/status/1974806788563181583" target="_blank" rel="noreferrer noopener">10/10 v&agrave; 16/10</a>), d&ograve;ng ti&#7873;n stablecoin v&agrave; s&#7921; b&#7873;n v&#7919;ng c&#7911;a kh&#7889;i l&#432;&#7907;ng DEX, v&agrave; h&agrave;nh vi t&iacute;ch l&#361;y c&#7911;a c&aacute; voi.</p>
<p>N&#7871;u nh&#7919;ng y&#7871;u t&#7889; n&agrave;y thu&#7853;n l&#7907;i, SOL c&oacute; th&#7875; &#273;&aacute;nh d&#7845;u b&#432;&#7899;c ngo&#7863;t &#273;&#7875; <a href="https://vn.beincrypto.com/solana-price-may-struggle-to-reach-key-level/" target="_blank" rel="noreferrer noopener">l&#7845;y l&#7841;i ATH</a> v&agrave; &#273;&#7883;nh v&#7883; Solana nh&#432; ng&ocirc;i sao t&#7893; ch&#7913;c ti&#7871;p theo trong chu k&#7923; ti&#7873;n &#273;i&#7879;n t&#7917;.</p>
