Key takeaways:
-
Corporate treasury investments are driving consistent demand and strengthening SOL’s price momentum.
-
DEX dominance, fee growth, and interoperability upgrades reinforce Solana’s competitive blockchain position.
Solana’s native token SOL (SOL) faced a sharp rejection after testing the $250 level on Sunday. Even with the correction, SOL gained 24% in the past 30 days, supported by stronger onchain activity.
Traders are now debating whether the current momentum could push SOL toward $300, especially as the Solana network has regained its lead in decentralized exchange (DEX) volumes.
In September, Solana surpassed Ethereum to become the top blockchain for DEX trading. The network processed $121.8 billion in monthly volumes, about 90% higher than competitor BNB Chain. Securing leadership in this segment is key because higher volumes generate more fees, which creates recurring demand for SOL to pay for those transactions.
According to Nansen data, fees on Solana rose 23% over the past seven days. The increase is notable given that Ethereum still has nearly seven times more total value locked (TVL). Yet ETH holders see limited benefits from that base since many decentralized applications, including restaking and real-world assets (RWA), show low turnover and weak fee generation.
Corporate treasury allocations accelerate demand for SOL
Recent corporate treasury activity has boosted demand for SOL. Some companies are raising capital through stock or debt offerings and allocating the proceeds to cryptocurrency. One example is Forward Industries (FORD), originally a medical and technology design firm, which raised $1.65 billion in private funding and used the proceeds to acquire SOL for its reserves.
Forward Industries was financed by Galaxy Digital (GLXY), Jump Crypto—both a market maker and venture capital fund—and Multicoin Capital, known for early bets on Helium (HNT), Filecoin (FIL), Solana, and Polkadot (DOT). Separately, a Solana-focused treasury firm called DeFi Development Corp disclosed holdings exceeding 2 million SOL, valued at more than $460 million.
Pantera Capital, another major blockchain asset manager, announced on Monday the launch of a new Solana-backed treasury vehicle, the Nasdaq-listed Helius (HSDT). The $500 million initial private placement was co-led by the Hong Kong-licensed fund manager Summer Capital and could expand to over $1 billion, according to the press release.
Related: Bitcoin and Solana ETPs lead $3.3B crypto inflow rebound: CoinShares
Another possible tailwind for SOL comes from a proposed open-source bridge between Solana and Base, an Ethereum layer-2 developed by Coinbase. Base has more than 20 million active addresses in 30 days, according to Nansen. The bridge would let users move assets across chains, creating what Base creator Jesse Pollak called a more “interoperable and connected” ecosystem.
The Trump-backed crypto initiative World Liberty Financial (WLFI) also announced on Monday a partnership with Solana’s memecoin platform Bonk.fun and the Raydium DEX to fund “multimillion-dollar promotional rewards.” The effort targets USD1 stablecoin pairs, with WLFI’s token reportedly backed entirely by US dollars and cash equivalents.
Considering Solana’s expanding onchain activity, the accumulation of SOL by treasury-focused firms, and the visibility from the Base bridge and WLFI campaign, traders see conditions for further upside. A rally to $300 would give Solana a $163 billion market capitalization, still representing a 70% discount to Ether’s $543 billion valuation, making the scenario plausible in the near term.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
