For the first time since January, Solana (SOL) has surged past $230 and briefly touched $240, reclaiming investor attention and igniting speculation about whether a true “Solana season” has finally begun. The rally has pushed Solana’s market capitalization to $126 billion, overtaking Binance Coin (BNB) and solidifying its position as the fifth-largest cryptocurrency.
Institutional Adoption at the Core of the Rally
What makes this rally different from previous ones is the strong institutional backing Solana is now receiving. Corporate treasuries are reportedly holding over 6.49 million SOL tokens, and this number continues to grow as firms allocate large sums to Solana-based strategies.
- Galaxy Digital alone acquired 2.31 million SOL worth $536 million, fueling speculation about coordinated accumulation across major players.
- Alongside Multicoin Capital and Fırlatma Kripto, Galaxy spearheaded a $1.65 billion private placement, transforming Forward Industries into a Solana treasury-focused entity. After the announcement, Forward’s stock skyrocketed 135% within five days.
- Other companies such as BIT Mining Limited, SOLI Limited, and Upexi Inc. have also expanded their SOL positions significantly, with Upexi reporting over $105,000 in daily staking rewards.
- In a milestone moment, SOL Strategies, a Canadian-based firm, listed on Nasdaq under the ticker STKE, becoming the first publicly traded Solana-focused company in the U.S.
From my perspective, this institutional interest is what separates the current rally from the speculative surges of 2021. Back then, the market was mostly retail-driven and hype-based. Now, the numbers show that big capital is positioning Solana as a long-term treasury asset, which could support more sustainable growth.
FTX Liquidations Continue, Yet Solana Pushes Higher
One of the most surprising aspects of this rally is that it comes despite constant selling pressure from the FTX estate. Since late 2023, FTX and Alameda have liquidated nearly 9 million SOL worth $1.2 billion, averaging about $134 per token.
Even after these massive sell-offs, FTX still holds 4.18 million SOL (≈$977 million) in staking positions. Under normal market conditions, this type of liquidation would suppress price growth. Yet Solana continues to climb — which, in my opinion, reflects the strength of institutional demand and community conviction.
If Solana can rally in the face of billions of dollars in forced selling, it suggests that once liquidation pressure ends, the market could see even stronger upward momentum.
Technical Analysis: Testing Key Resistance
From a technical perspective, Solana has broken the $230 barrier, confirming its long-term ascending channel that has been in place since its rally from $87. The token is now testing the critical resistance range between $240 and $250.
- Chart patterns show a W-shaped formation pointing toward a move to $258.
- On higher timeframes, Solana appears to be forming a multi-year cup-and-handle pattern, which could trigger a breakout toward $300 and beyond if resistance clears.
- Immediate support zones are $224 and $230, while overhead resistance lies at $240, $250, and $258.
In my view, clearing the $240–$250 zone is the biggest short-term challenge. If Solana breaks through with strong volume, the market could quickly push toward $300, though volatility will likely increase. Some analysts even speculate price discovery beyond $1,000 in the long run — though I believe such targets are only realistic if the broader crypto market, especially Bitcoin and Ethereum, also enter a full bull cycle.
Is This Truly “Solana Season”?
The phrase “Solana season” has been thrown around many times in the past, often during short-lived rallies. But this time feels different. Institutional adoption, real-world use cases, and strong technical momentum suggest that Solana is not just another altcoin riding hype, but a blockchain gaining genuine traction among developers and investors.
Of course, risks remain — ongoing FTX liquidations, potential regulatory challenges, and the general volatility of the crypto market. Still, when large funds, public companies, and Nasdaq-listed firms start building Solana treasuries, it’s hard to ignore the signal: big money believes in Solana’s future.
📌 Key Takeaway
Solana’s breakout above $230, supported by record institutional demand and strong technical indicators, signals that a new “Solana season” may indeed be unfolding. However, resistance around $240–$250 remains the immediate hurdle to watch.
