Crypto.com has joined forces with SOL Strategies Inc. in a strategic alliance aimed at enhancing the institutional presence within the Solana ecosystem. The partnership announcement, made on October 2, coincided with a significant spike in whale activity that saw $448 million worth of Solana (SOL) moved, underscoring the growing demand for the cryptocurrency.
The collaboration positions Crypto.com Custody to safeguard a portion of SOL Strategies’ treasury reserves. In turn, institutional clients using Crypto.com will gain access to SOL Strategies’ validator network, broadening staking opportunities for enterprises and high-net-worth individuals. Executives from both companies highlighted the increasing demand among public companies for compliant custody services accompanied by dependable validator infrastructure. By serving both as a validator provider and a treasury participant, SOL Strategies seeks to diversify its offerings and enhance security while making Solana’s network more accessible to institutional players.
The timing of the partnership was notable due to heightened whale activity recorded on the same day. Whale Alert reported two substantial transfers, one of which involved 274,560 SOL (valued at approximately $63 million) being moved from an unknown wallet to Coinbase Institutional. A second transfer saw 1.65 million SOL (worth around $383 million) exchanged between private wallets, indicating a surge in interest from both institutional investors and private entities. Such transactions are seen as significant markers of changing market dynamics.
In terms of market performance, Solana has been experiencing a noteworthy uptick. Trading at around $231, the cryptocurrency has achieved a 20% gain over the past week, with daily trading volumes exceeding $9 billion. Analysts have identified a resistance zone between $250 and $260, suggesting that a sustained close above $260 could pave the way for potential rallies toward $280, $320, and possibly even $400, with long-term projections extending to $520. Critical support levels are observed near $200 and $160, crucial for maintaining the current bullish trend.
Experts are also noting a broader structural shift in Solana’s market dynamics. The cryptocurrency has begun October by breaking a prolonged downward trend, finding support around the $210 level. With current trading levels above $230, Solana has shown resilience, and analysts suggest that consistent trading above important thresholds could lead to a surge toward the $300 mark.
