Corporate treasury investments are significantly impacting Solana’s native token, SOL, showcasing a robust demand alongside an upswing in price momentum. Recent market dynamics indicate that although SOL encountered a notable resistance point at $250, it has still managed to appreciate by 24% over the past month, driven by heightened on-chain activity. With ongoing discussions among traders regarding the potential for SOL to ascend toward the $300 mark, the Solana network is reaffirming its position as a formidable competitor in the decentralized exchange (DEX) arena.
In September, Solana achieved a significant milestone, surpassing Ethereum to secure its status as the leading blockchain for DEX trading. Impressively, the Solana network recorded approximately $121.8 billion in monthly trading volumes—an increase of nearly 90% over its nearest competitor, BNB Chain. This elevated activity in the DEX sector is crucial, as increased transaction volumes correspondingly generate higher fees, which in turn fosters persistent demand for SOL tokens.
Data from Nansen further illustrates this trend, revealing that fees on Solana surged by 23% over a recent seven-day period. This growth is particularly striking given that Ethereum, which boasts nearly seven times more total value locked (TVL), has not seen proportional benefits in terms of fee generation. Many decentralized applications built on Ethereum, including restaking and real-world assets (RWA), have faced challenges in maintaining robust transaction activity.
Recent corporate treasury trends are additionally amplifying demand for SOL. Several companies are now raising capital through stock and debt offerings, reallocating those funds into cryptocurrency investments. A notable example is Forward Industries (FORD), which secured $1.65 billion in private funding to bolster its reserves with SOL. This financing was facilitated by a consortium of firms including Galaxy Digital and Jump Crypto. Furthermore, a Solana-centric treasury firm, DeFi Development Corp, has disclosed holdings surpassing 2 million SOL, valued at over $460 million.
Another significant development came from Pantera Capital, which introduced a new Solana-backed treasury vehicle, the Nasdaq-listed Helius (HSDT). This initiative, featuring an initial private placement of $500 million, aims to grow to over $1 billion and is co-led by the Hong Kong-licensed fund manager Summer Capital.
The ecosystem is set to benefit further from an anticipated open-source bridge between Solana and Base, a layer-2 solution developed by Coinbase. This bridge will potentially enhance cross-chain asset mobility, contributing to a more interconnected network, as highlighted by Base creator Jesse Pollak.
In addition, the crypto initiative World Liberty Financial (WLFI), backed by Donald Trump, recently announced a partnership with Solana’s memecoin platform Bonk.fun and the Raydium DEX. This collaboration seeks to fund multi-million dollar promotional rewards targeting USD-pegged stablecoin pairs. WLFI’s token is reportedly fully backed by U.S. dollars and cash equivalents.
Overall, with the increasing on-chain activity, the accumulation of SOL by treasury-oriented firms, and the growing visibility through initiatives like the Base bridge and WLFI campaign, market analysts are optimistic about Solana’s prospects. A move toward $300 would elevate Solana’s market capitalization to $163 billion, representing a 70% discount to Ethereum’s current valuation of $543 billion, rendering this scenario increasingly plausible in the near future.
