The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The maneuver could be linked to digital asset treasury firm Forward Industries, which raised $1.65 billion to accumulate SOL with Galaxy's backing.
The latest transfer follows the familiar monthly schedule that has characterized FTX and Alameda's asset liquidation process.
Galaxy CEO Mike Novogratz recently said 'Solana Season' is coming, citing momentum from corporate accumulation and regulatory developments.
A mix of strong liquidity, a benign macro backdrop and supportive regulatory signals could keep the crypto market rally alive in the fourth quarter, the report said.
SOL Strategies Inc., the company that grew out of Cypherpunk Holdings, made its Nasdaq debut this week under the ticker STKE. According to reports, the move converts the company’s Canadian listings into a US trading venue and gives American investors direct access to a firm that holds a sizable Solana treasury. Related Reading: Institutional Adoption Rises: 21X Brings Chainlink Into Europe’s Tokenized Securities Market The firm’s SOL holdings were valued at roughly $83 million–$94 million around the time of the listing, and SOL token prices were trading in the $214–$220 range as markets reacted. Nasdaq Debut And Trading Volatility According to market watchers, STKE opened around $12.85 on Nasdaq before tumbling to roughly $8.18 in early trades, showing heavy volatility in the first session. The company still maintains a presence in Canada, where it trades as HODL on the Canadian Securities Exchange, and its OTCQB shares (CYFRF) are being migrated into the Nasdaq listing. Reports have disclosed that the early price swings were driven by speculative flows and the usual market churn that follows a high-profile uplisting. A Bigger Picture On Holdings SOL Strategies has been built as a Solana-focused treasury and operational group. It runs validators, takes part in staking, and invests in projects inside the Solana ecosystem. The company’s holding size puts it among notable North American SOL treasuries, though some peers hold far more. For example, coverage shows Upexi Inc. holds about 1.9 million SOL, which was valued at roughly $319 million, while DeFi Development Corp holds about 1.18 million SOL, worth about $198 million at market rates cited in reports. Market Reaction And Investor Interest According to market coverage, the Nasdaq listing gave SOL Strategies fresh visibility and attracted both retail traders and institutional curiosity. The share-price swings were large enough to draw headlines, and trading volume spiked as investors weighed the risks and rewards of a treasury-backed crypto firm now trading on a major US exchange. Some traders treated STKE as a way to get indirect exposure to SOL, while others saw it as a pure equity play in a niche operator. Related Reading: Bitcoin Jumps Past $114K As Markets Eye Fed Easing After PPI Report Regulatory And Competitive Issues SOL Strategies is smaller than several competitors, raising questions about scale and sustainability if SOL volatility returns. Regulators and market watchers will likely keep a close eye on how crypto treasuries are presented to investors, and on disclosures about staking, validator income, and treasury management. Featured image from Google Images, chart from TradingView
Galaxy CEO Mike Novogratz called this the “season of SOL,” saying Solana is fast and tailor-made to be the blockchain for financial markets.
Crypto analyst Whale Guru has outlined his targets for altcoins on their next massive pump to the upside. He predicted that the Ethereum price would reach as high as $25,000 and expects the XRP price to reach triple digits. XRP Price To Reach $300 As Ethereum Rallies To $25,000 In an X post, Whale Guru predicted that the XRP price would reach $300 as Ethereum rallies to $25,000. He highlighted these price levels as his targets for the next pump to the upside. Meanwhile, the analyst also predicted that SOL would reach $2,000, DOGE would reach $5, SUI would reach $10, HYPE would reach $400, WLFI, and PENGU would both reach $10. Related Reading: XRP Price Confirms Descending Trendline Breakout, Here Are The Targets However, Whale Guru didn’t provide any basis for these ambitious targets for Ethereum, XRP, and the other crypto assets he mentioned. Notably, a rally to $300 for the XRP price represents a 100x increase from its current price. This is one of the largest gains among all the cryptocurrencies, the analyst mentioned. There are several factors that members of the XRP community have alluded to, which could spark massive gains for the XRP price, although the $300 target remains far off. One of these factors includes the imminent launch of the XRP ETFs. Community member Finance Bull recently highlighted the ETFs as what could be the next institutional catalyst for XRP. The ETFs are expected to have a similar impact to the one the Bitcoin and Ethereum ETFs had on BTC and ETH, respectively. Notably, Canary Capital CEO Steven McClurg has predicted that the XRP ETFs could record up to $5 billion in inflows in their first month of trading, which is bullish for the XRP price. He also believes that the XRP ETFs could outperform the Ethereum ETFs. XRP Targets $4.50 As Momentum Builds Crypto analyst CasiTrades has provided a more conservative target for the XRP price, stating that it is targeting $4.50 as the consolidation period ends and momentum builds. In an X post, she revealed that the altcoin has broken out of its months-long consolidation and that confirmation of the breakout is occurring with the test of the $3 level now in play. Related Reading: XRP RSI Remains Bullish As Support Levels Hold, Price Eyes Break Above $3.6 CasiTrades stated that the next areas to watch are $3.08 and $3.27 when the XRP price clears $3. She indicated that the key is for major Fibonacci levels to turn into support, so a breakout to either of those prices will set up a clean backtest to the key Fib levels. These key levels are the .382 support at $3 and the .236 resistance at $3.25. She added that the Fibonacci extensions point toward the $4.50 zone as a breakout target. At the time of writing, the XRP price is trading at around $3, up almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Adobe Stock, chart from Tradingview.com
Solana's native token is trading around $226, up 1.2% on Thursday, and edging closer to its all-time high above $293 per SOL.
With the funding, the Nasdaq-listed firm aims to be the largest public corporate owner of Solana's SOL.
Solana started a fresh increase above the $220 zone. SOL price is now consolidating above $215 and might aim for more gains above the $225 zone. SOL price started a fresh upward move above the $212 and $215 levels against the US Dollar. The price is now trading above $215 and the 100-hourly simple moving average. There is a bullish trend line forming with support at $222 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend gains if it clears the $225 resistance zone. Solana Price Eyes More Gains Solana price started a decent increase after it found support near the $205 zone, beating Bitcoin and Ethereum. SOL climbed above the $212 level to enter a short-term positive zone. The price even smashed the $218 resistance. The bulls were able to push the price above the $220 barrier. A high was formed at $226 and the price is consolidating gains above the 23.6% Fib retracement level of the upward move from the $199 swing low to the $226 high. Solana is now trading above $215 and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $222 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $225 level. The next major resistance is near the $232 level. The main resistance could be $235. A successful close above the $235 resistance zone could set the pace for another steady increase. The next key resistance is $245. Any more gains might send the price toward the $250 level. Downside Correction In SOL? If SOL fails to rise above the $225 resistance, it could start another decline. Initial support on the downside is near the $222 zone and the trend line. The first major support is near the $212 level or the 50% Fib retracement level of the upward move from the $199 swing low to the $226 high. A break below the $212 level might send the price toward the $205 support zone. If there is a close below the $205 support, the price could decline toward the $200 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $222 and $212. Major Resistance Levels – $225 and $235.
As Solana (SOL) taps the $225 barrier, Bitwise’s CIO forecasted that a bullish Q4 rally might be brewing for the altcoin if it follows Bitcoin (BTC) and Ethereum’s (ETH) recipe. Related Reading: Bitcoin Breakdown Averted? Analyst Says This Level Will Determine BTC’s Fate Solana To Follow BTC, ETH’s Recipe? On Tuesday, Matt Hougan, CIO at Bitwise, affirmed in a new memo to clients that the recipe for strong returns has been clear over the past 18 months: “Take one part ETP inflows, add strong corporate treasury purchases, and voilà—you get big returns.” Hougan explained that BTC followed this recipe since January 2024, while ETH discovered the same formula in April 2025. “It’s no surprise that the recipe works. It’s classic supply and demand,” he stated, adding that “all the ingredients are there for an epic end-of-year run for Solana.” As the CIO highlighted, multiple issuers, including Bitwise, Grayscale, and VanEck, have filed to launch spot SOL exchange-traded products (ETPs), which are expected to be approved at the start of Q4. As reported by NewsBTC, the US Securities and Exchange Commission (SEC) announced last month that it had pushed back its decision on Bitwise, 21Shares, VanEck, Grayscale, and Canary Capital’s spot SOL exchange-traded funds (ETFs) for two months, pushing it to October 16, 2025, “meaning we may have multiple issuers pushing spot Solana ETPs in Q4.” Meanwhile, three major firms, Galaxy Digital, Jump Crypto, and Multicoin Capital, recently secured $1.65 billion in cash and stablecoins to launch a publicly traded SOL-focused treasury company, Forward Industries, to purchase SOL, stake it, and generate excess return. Hougan also noted that Forward Industries named Kyle Samani, who has been among the cryptocurrency’s most consistent promoters, as chairman. To Bitwise’s CIO, if Samani can “carry the Solana message” like Michael Saylor and Tom Lee have done with Bitcoin and Ethereum, it will help drive investor demand. SOL’s Secret Ingredient Hougan pointed out that the existence of ETPs and treasury companies does not guarantee demand, adding that there must be fundamental reasons for investors’ interest in those vehicles. “Solana is an Ethereum competitor,” he asserted, “it’s a programmable blockchain designed to host stablecoins, tokenized assets, and decentralized finance applications, among other things.” The blockchain recently approved a major technical upgrade that will make it one of the fastest networks in the world. Additionally, it is also third in stablecoin liquidity among programmable blockchains and fourth in tokenized assets, recording rapid growth in this sector. Nonetheless, he argued that there’s a key difference between SOL and the two leading cryptocurrencies. While Bitcoin’s market capitalization sits around $2.2 trillion, and Ethereum’s is near the $530 billion mark, Solana’s market capitalization is around $120.8 billion, 1/20th the size of BTC and less than 1/4th the size of ETH. “Scaled for the size of the blockchain, a relatively small amount of flows into Solana could significantly impact prices,” Hougan explained. Related Reading: Worldcoin Jumps 42% Following Eightco’s Announcement Of First WLD Treasury Strategy He detailed that Forward Industries’ $1.6 billion purchase of SOL shares would be the equivalent of $33 billion in BTC purchases, noting that this could be slightly offset by Solana’s higher annual inflation rate of 4.3%, versus Bitcoin’s 0.8% and Ethereum’s 0.5%. “The setup is still attractive,” he concluded, suggesting that investors keep their eyes on Solana in the coming months. As of this writing, Solana is trading at $222, a 5.1% increase in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Institutions hold about 25% of bitcoin ETPs, and according to one survey, 85% of firms already allocate to digital assets or plan to in 2025.
With ETF filings, major treasury buys, and a lightning-fast upgrade coming, Solana is drawing comparisons to early bitcoin, says Bitwise CIO Matt Hougan.
The Nasdaq has filed a proposed rule change with the SEC to list tokenized stocks, marking a significant integration of blockchain technology into traditional finance (TradFi). Market experts have predicted that XRP is one of the crypto assets that stand to benefit massively from this move. Nasdaq Files To List Tokenized Stocks Nasdaq has filed with the SEC to allow investors to trade tokenized stocks on its platform. The exchange has proposed that these securities could be traded in either their traditional form, without using blockchain technology, or in their tokenized form, utilizing blockchain technology. Furthermore, the platform proposes that shares of these tokenized securities should be traded in the same order book as the traditional ones and with the same execution priority. Related Reading: Analyst Predicts The XRP Price If 10% Of Global Assets Are Tokenized Meanwhile, Nasdaq proposes that the market participants who wish to clear and settle their trades will note their preference by selecting a flag that the exchange will designate for this purpose. When the market participant selects the tokenized flag, Nasdaq will then communicate this to The Depository Trust Company, which is in charge of clearing trades. This move means that blockchain networks, such as Ethereum, Solana, and the XRP Ledger (XRPL), could experience increased adoption as companies transition to tokenizing their stocks. Notably, Galaxy Digital, last week, became the first Nasdaq-listed company to tokenize its common stock on Solana. Experts such as Tom Lee have made a case for why Ethereum will be the go-to platform for companies to tokenize their stocks on. Meanwhile, Solana and the XRP Ledger (XRPL) also stand out due to their speed and cost-efficiency. Solana recently passed the Alpenglow upgrade proposal, which will reduce transaction finality. Meanwhile, the XRPL has introduced new compliance amendments, which will incentivize institutions to adopt the network. All Tokenized Assets Will “Route Through XRP” In an X post, Versan Aljarrah, the founder of Black Swan Capitalist, commented on Nasdaq’s filing to list tokenized stocks and declared that all tokenized assets will eventually route and settle through XRP as the bridge currency. He added that this means trillions in value will move on-chain, possibly through the XRP Ledger. Related Reading: Pundit Warns XRP Investors Not To Sell Their Tokens In The Next 3 Months Aljarrah reiterated that all value flows through XRP. Notably, crypto analyst Costa recently predicted that the XRP price could reach $473,214 if 10% of global assets get tokenized on the XRPL. This came as Ripple predicted that 10% of global assets will be tokenized by 2030. Ripple has so far made great strides in its tokenization push, although no notable stock has been tokenized on the XRPL as of yet. However, it is worth noting that Ondo Finance’s tokenized U.S. Treasuries fund is integrated on the XRPL. At the time of writing, the XRP price is trading at around $2.95, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Adobe Stock, chart from Tradingview.com
Scaled for size, a relatively small amount of flows into Solana could significantly impact prices in the months ahead, Matt Hougan said.
Canada’s newest altcoin exchange-traded funds have raced to category leadership, with the Solana-focused SOLQ crossing C$300 million in assets under management (AUM) and the XRP-focused XRPQ topping C$150 million, according to a Tuesday announcement. The issuer said both funds now hold the largest AUM in their respective categories among Canadian peers, underscoring a sharp acceleration in institutional and retail demand for regulated exposure to Solana and XRP. Investor Demand Surges For 3iQ’s SOL And XRP ETFs SOLQ, a Toronto Stock Exchange–listed Solana staking ETF that debuted in April, benefited from marquee early allocations. The firm disclosed a lead investment from SkyBridge Capital and additional commitments from ARK Invest, which bought SOLQ through its ARKW and ARKF ETFs—moves it touted as the first US-listed ETFs to gain exposure to Solana and its staking rewards via a Canadian vehicle. Management fees on SOLQ remain waived until April 2026, the issuer added. Related Reading: XRP Liquidity Flashpoint: Analyst Eyes Rapid Move To $4.50 XRPQ launched in June and, with a 0% management fee for its first six months, has quickly scaled to more than C$150 million AUM; the Toronto Stock Exchange’s new-issuer log shows the product coming to market on June 18, 2025. The issuer said Ripple participated as an early investor. “The momentum behind SOLQ and XRPQ demonstrates that Canadian investors and global leaders in the digital asset space are embracing secure, transparent, and regulated access to digital assets,” said Pascal St-Jean, the issuer’s president and CEO. “As the market leaders, these ETFs exemplify [our] commitment to meeting investor demand while setting a benchmark for innovation in the global market.” Related Reading: XRP Set to Lead Altcoin Boom With Explosive $9.69 Target, Says Analyst The rise of these funds comes amid a broader wave of Canadian altcoin ETF launches this year. Multiple issuers have introduced spot Solana products—some with staking features and introductory fee waivers—while the domestic XRP lineup has also expanded, creating a competitive field against which SOLQ and XRPQ now claim the AUM crown. Institutional signaling has been a secondary driver. ARK’s purchase framed SOLQ as a vehicle for capturing both SOL price performance and on-chain staking economics in a regulated wrapper. “Solana represents a high-performance blockchain infrastructure with significant potential for decentralized applications and finance,” ARK’s Cathie Wood said when confirming the investment earlier this year. Contextually, Canada remains a first mover on listed crypto exposures beyond bitcoin and ether. In the United States, investors only recently gained a Solana ETF with staking economics via the REX-Osprey SSK product, while several US spot XRP ETF filings await regulatory decisions later in 2025—developments that help explain the cross-border interest in Canadian listings in the interim. A SSK-style Dogecoin ETF by REX-Osprey is set to launch this Thursday. At press time, XRP traded at $2.955. Featured image created with DALL.E, chart from TradingView.com
ZachXBT said Monday that SwissBorg lost about 192,600 SOL, worth roughly $40 million, due to the security breach.
Major tokens rose as experts downplayed fears of stagflation and recession triggered by downward revision of U.S. jobs.
Solana started a fresh increase above the $215 zone. SOL price is now consolidating above $212 and might aim for more gains above the $220 zone. SOL price started a fresh upward move above the $205 and $212 levels against the US Dollar. The price is now trading above $212 and the 100-hourly simple moving average. There is a bullish trend line forming with support at $216 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend gains if it clears the $220 resistance zone. Solana Price Eyes Upside Break Solana price started a decent increase after it found support near the $202 zone, beating Bitcoin and Ethereum. SOL climbed above the $208 level to enter a short-term positive zone. The price even smashed the $215 resistance. The bulls were able to push the price above the $218 barrier. A high was formed at $220 and the price is consolidating gains above the 23.6% Fib retracement level of the upward move from the $199 swing low to the $220 high. Solana is now trading above $212 and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $216 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $220 level. The next major resistance is near the $228 level. The main resistance could be $232. A successful close above the $232 resistance zone could set the pace for another steady increase. The next key resistance is $244. Any more gains might send the price toward the $250 level. Downside Correction In SOL? If SOL fails to rise above the $220 resistance, it could start another decline. Initial support on the downside is near the $216 zone and the trend line. The first major support is near the $210 level or the 50% Fib retracement level of the upward move from the $199 swing low to the $220 high. A break below the $210 level might send the price toward the $202 support zone. If there is a close below the $202 support, the price could decline toward the $195 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $216 and $210. Major Resistance Levels – $220 and $232.
Solana has pulled well ahead of other networks on a key measure: revenue. That gap is large enough to change how traders and builders talk about where money flows in crypto. Related Reading: Altcoins Feel The Pinch As Crypto Market Sentiment Sours Solana Tops Blockchain Revenue Charts According to data shared by crypto media outlets, Solana has generated $1.25 billion in revenue year-to-date. That is about two and a half times the revenue of Ethereum, which sits at $523 million so far this year. Only two other chains have cleared the $100 million mark: BNB Smart Chain at $148 million and Bitcoin at $135 million. Base, Coinbase’s layer-2, records $54 million and leads the L2 group, while Arbitrum, Polygon and Optimism report revenues between $10.80 million and nearly $3 million. $SOL is in a league of its own. Solana has generated $1.25B in revenue YTD… Nearly 2.5x more than Ethereum. That’s real demand for blockspace and right now, no chain comes close. pic.twitter.com/yRWYU6wUrt — Milk Road (@MilkRoadDaily) September 8, 2025 Monthly Numbers Show App-Driven Growth In the past 30 days, Solana pulled in more than $210 million in revenue. Much of that cash was earned by apps on the network rather than by Solana’s base layer. Based on reports, memecoin launchpad Pump.fun and trading bot Axiom Pro generated close to $53 million and $51 million respectively in the last month. Decentralized exchanges such as Jupiter and Meteora, along with the Phantom wallet, also rank among the top revenue generators. Solana’s own on-chain fee haul was $4.56 million over the same period, placing the chain itself eighth among revenue sources. Apps Capture Most Of The Fees Reports have disclosed that developers and investors see this as a feature of Solana: apps can make big money fast. Axiom Exchange became the fastest app to reach $200 million in revenue, doing so in 202 days when it hit the mark on August 4. Pump.fun reached $200 million in 303 days. Helius Labs CEO Mert Mumtaz has said that the ecosystem’s architecture attracts builders who can run revenue-heavy services, and the numbers appear to back that view. #Solana surges 5.8% to $215 ???? DEX volume hits $2.6B in 24H, fueled by #DeFi. Trump-backed $WLFI leads with $1.23B, showing political hype is driving liquidity and cementing Solana as the go-to for high-volume plays. Check out Top 10 Tokens on Solana by 24H Volume ???? Which… https://t.co/k8s7VMNopa pic.twitter.com/xR5P2CYqAy — Solana Daily (@solana_daily) September 8, 2025 Related Reading: Bitcoin Could Hit $150K By Christmas, Analysts Tell Michael Saylor Price Moves Follow Revenue Headlines SOL has been reacting. According to price trackers, SOL climbed about 6% to $215 in a single session and is up 17% over the past 30 days. Year-to-date, however, SOL lags some larger tokens such as Bitcoin, Ether, XRP and BNB. Market gains and big app revenues together are driving bullish sentiment among traders and some fund managers. Featured image from Shutterstock, chart from TradingView
Pokémon cards have been the talk of the town over the past few days, and Collector Crypt has been at the center of the attention.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Solana (SOL) is entering a pivotal phase after rallying more than 40% since early August, pushing the price to its highest level since February. This remarkable surge has reignited bullish sentiment, with traders and investors now closely watching whether Solana can sustain its momentum or if a period of consolidation lies ahead. The coming days are expected to be decisive in determining the next major price direction for SOL. Related Reading: Ethereum Dominates Trading Volume Despite Market Cool-Off – Details Despite ongoing volatility across the broader crypto market, Solana bulls are showing resilience. The asset’s sharp recovery underscores renewed confidence in its ecosystem, driven by strong network activity, DeFi adoption, and its positioning as one of the leading Ethereum competitors. Yet, the key factor supporting optimism comes from on-chain data. According to Lookonchain, whales have been actively accumulating SOL during this rally, signaling strong conviction in its long-term potential. The presence of large-scale buyers suggests that even amid fluctuations, demand for Solana remains elevated. This behavior highlights a critical dynamic: whales often position themselves ahead of major moves, reinforcing the bullish narrative surrounding SOL. Whether this momentum continues will depend on how Solana reacts to resistance levels in the coming sessions, making this a crucial moment for investors and traders alike. Whale Moves Signal Growing Confidence In Solana Lookonchain reports that in the past 24 hours, two whale wallets withdrew a combined 376,076 SOL (valued at approximately $80.7 million) from Binance and transferred the tokens to Kamino. This move not only underscores whale confidence in Solana’s long-term potential but also signals a broader trend in the market: investors are rotating capital into large-cap altcoins in anticipation of a rally. Such large-scale withdrawals are typically interpreted as a bullish sign. By moving funds from centralized exchanges to DeFi protocols like Kamino, whales demonstrate an intent to hold or deploy capital strategically for yield, rather than prepare for near-term selling. This conviction aligns with the broader strength we’ve seen across altcoins in recent weeks. Ethereum’s recent pause has created a window of opportunity for alternative layer-1 networks like Solana to shine. If ETH continues to consolidate, capital rotation into SOL and other altcoins could accelerate, pushing them into fresh rallies. The market has already rewarded Solana with an impressive surge since early August, and whale accumulation only reinforces the bullish outlook. Related Reading: Bitcoin LTH Aging Velocity Turns Negative: Distribution Phase Unfolds Technical Details: Price Testing Key Resistance Solana is showing strong momentum, trading at $218.91 after a sharp 9.37% daily surge. The chart highlights that SOL is now testing a critical resistance zone not seen since early 2025, marking its highest levels in months. This recovery follows a steady uptrend from the May lows near $140, with the price supported by higher lows and consistent buying pressure. The 50-day moving average (blue) sits well below the current price at $167.48, reflecting strong bullish momentum, while the 100-day (green) at $177.10 and the 200-day (red) at $163.01 confirm that the medium and long-term trend remains positive. As long as SOL stays above these key averages, the bullish structure is intact. Related Reading: Bitcoin Cycle Structure Questioned As VDD Mirrors Historic Tops However, SOL is now confronting a significant resistance barrier around $220–$225, a zone that has rejected rallies in the past. A decisive breakout above this level could open the path toward $250 and beyond, pushing the token into a new bullish phase. On the downside, a failure to break resistance could lead to a retest of support levels at $200 and $185. Featured image from Dall-E, chart from TradingView
Solana started a fresh increase above the $212 zone. SOL price is now consolidating above $210 and might aim for more gains above the $218 zone. SOL price started a fresh upward move above the $202 and $210 levels against the US Dollar. The price is now trading above $210 and the 100-hourly simple moving average. There is a bullish trend line forming with support at $212 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend gains if it clears the $218 resistance zone. Solana Price Eyes Additional Gains Solana price started a decent increase after it found support near the $200 zone, beating Bitcoin and Ethereum. SOL climbed above the $205 level to enter a short-term positive zone. The price even smashed the $212 resistance. The bulls were able to push the price above the $215 barrier. A high was formed at $218 and the price is consolidating gains. There was a minor drop below the 23.6% Fib retracement level of the upward move from the $199 swing low to the $217 high. Solana is now trading above $210 and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $212 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $218 level. The next major resistance is near the $220 level. The main resistance could be $232. A successful close above the $232 resistance zone could set the pace for another steady increase. The next key resistance is $244. Any more gains might send the price toward the $250 level. Downside Correction In SOL? If SOL fails to rise above the $218 resistance, it could start another decline. Initial support on the downside is near the $212 zone. The first major support is near the $208 level or the 50% Fib retracement level of the upward move from the $199 swing low to the $217 high. A break below the $208 level might send the price toward the $204 support zone. If there is a close below the $204 support, the price could decline toward the $200 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $212 and $208. Major Resistance Levels – $218 and $220.
Solana (SOL) experienced a notable 6% price increase to start the week, following the announcement of a new initiative involving three major players in the crypto sector: Galaxy Digital, Jump Crypto, and Multicoin Capital. This collaboration aims to establish a new Solana treasury. $1.65 Billion PIPE Offering To Establish Solana Treasury In a revelation made earlier on Monday, Forward Industries (FORD) disclosed its plans for a private investment in public equity (PIPE) offering, with commitments totaling $1.65 billion in cash and stablecoins. This offering is being spearheaded by crypto-focused investment manager Galaxy Digital, Jump Crypto, and Multicoin Capital, all of which will provide vital capital for the new treasury fund. Financial advisor C/M Capital Partners will also participate in this venture. By leveraging the expertise and resources of Galaxy Digital, Jump Crypto, and Multicoin, Forward Industries aims to generate increased on-chain returns and enhance long-term shareholder value through active participation in Solana’s growth. Related Reading: Dogecoin Leads Altcoin Rally Amid ETF Speculation: Is $1.50 the Next Big Target? Michael Pruitt, CEO of Forward Industries, expressed his view about the initiative, stating, “Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth.” As part of this initiative, Kyle Samani, co-founder and Managing Partner of Multicoin, is expected to assume the role of Chairman of the Board of Directors upon the closing of the PIPE. Samani, who has been a long advocate of the Solana protocol, believes that the platform is often “misunderstood and undervalued,” stating: Real economic value is being generated on Solana. An institutional-scale treasury can be deployed in sophisticated ways within the Solana ecosystem to create differentiated value and increase SOL per share at a faster rate than simply being a passive holder.” Galaxy’s President and Chief Investment Officer, Chris Ferraro, along with Saurabh Sharma, Chief Investment Officer at Jump Crypto, are also anticipated to join as Board observers. SOL Strategies Set For Nasdaq Debut Mike Novogratz, Founder and CEO of Galaxy, expressed confidence in the initiative, stating that with the leadership of Samani, Ferraro, and Sharma, Forward Industries is poised to distinguish itself as a leading publicly traded entity within the SOL ecosystem. Jump Crypto’s Sharma echoed this sentiment, expressing excitement about Forward Industries’ strategy centered on Solana. He emphasized the opportunity to offer investors access to innovative on-chain return sources that extend beyond traditional staking, leveraging Solana’s advanced decentralized finance ecosystem. Related Reading: Ethereum Price To Clear $5,000 If This Level Is Broken Notably, the new treasury company will join SOL Strategies. As reported by NewsBTC last week, SOL Strategies was the first Solana treasury firm to receive approval for listing on the Nasdaq under the ticker symbol “SRKTE.” Trading is expected to begin on Tuesday. With the formation of the new treasury company, SOL’s price skyrocketed toward the key $215 line, outperforming its peers in the top 10 largest cryptocurrencies, including Bitcoin (BTC). However, SOL still trades 27% below the $293 record reached earlier this year. Featured image from DALL-E, chart from TradingView.com
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Solana (SOL) is once again back in the spotlight as bullish momentum returns to the crypto market. After briefly touching $212 last week, the altcoin retraced to around $209 but has held strong, sparking renewed optimism among traders. Related Reading: Bitcoin LTH Aging Velocity Turns Negative: Distribution Phase Unfolds Analysts now see a potential rally toward the $250 level, supported by growing institutional flows and speculation around a Solana spot ETF. Bitget Wallet’s CMO Jamie Elkaleh noted that “ETF conversations around SOL are further amplifying interest,” pointing to the more favorable regulatory tone emerging in the U.S. Market watchers believe a Solana ETF could drive adoption at scale, positioning SOL as one of the strongest altcoins to buy ahead of the next wave of institutional products. Solana ETF Buzz Fuels Momentum for Altcoins Solana isn’t the only digital asset grabbing attention. Wall Street analysts increasingly expect the U.S. SEC to broaden ETF approvals beyond Bitcoin and Ethereum. Among the top contenders are Solana, XRP, and Cardano, three coins that already boast high liquidity and established derivatives markets. Bloomberg’s James Seyffart suggested that assets like Solana and XRP are “well-positioned to qualify under existing listing rules,” with institutional demand likely to surge once funds launch. If approved, the introduction of a Solana ETF could trigger a demand shock, unlocking new inflows and strengthening its long-term market structure. Why Traders Are Watching SOL Closely Beyond ETF speculation, Solana’s on-chain growth continues to capture attention. The network recently hit a milestone with Real World Assets (RWAs) surpassing $500 million, underscoring growing institutional adoption of tokenized traditional assets. At the same time, Solana has maintained strong trading activity, with daily DEX volume reaching nearly $7.93 billion, even outpacing Ethereum. On the technical front, SOL is showing signs of resilience. Trading at around $209.30, the token sits comfortably above key moving averages, with the 7-day SMA at $206.70 providing immediate support. SOL's price trends to the upside on the daily chart. Source: SOLUSD on Tradingview Analysts are watching the $218 resistance level closely, as a breakout could open the door to higher targets between $230 and $250. The RSI at 56.27 points to sustainable momentum with room for further upside before reaching overbought territory. Related Reading: Fair Value Gap Suggests Bitcoin Price Is Going Higher, But Watch Out For This Crash While short-term signals like a slightly bearish MACD histogram suggest caution, traders remain confident that Solana’s strengthening fundamentals, combined with ETF anticipation, could fuel the next major rally. Cover image from ChatGPT, SOLUSD chart from Tradingview
Weaker payroll figures and improving U.S. rate cut prospects failed to bolster sentiment, Head of Research James Butterfill said.