Solana (SOL) has broken above the $240 level after months of sideways movement, with analysts now targeting the $245-$252 resistance zone. A decisive weekly close above Solana's previous all-time high near $294 would put the $300 area within reach, with Coinpedia's average forecast for 2025 sitting around $325 and some optimistic projections pointing to levels above $400.
Institutional accumulation has reached record levels, with 17 treasury firms now holding 17.1 million SOL tokens, representing nearly 3% of total supply. Galaxy Digital, led by Mike Novogratz, purchased an additional 1.2 million SOL tokens on September 15, bringing their total holdings to approximately 6.5 million SOL. Forward Industries completed a $1.65 billion raise to purchase more SOL tokens, planning to deploy them directly into Solana's DeFi ecosystem.
Network activity shows remarkable growth with wrapped Bitcoin supply on Solana reaching all-time highs, indicating Bitcoin holders are bringing assets to Solana for yield opportunities. Out of 100 million tokens issued across all major crypto networks, 85 million now exist on Solana, representing 85% of all new token launches. Stablecoin inflows to Solana are increasing rapidly, with USDC and USDT supplies continuing to grow, indicating traders and projects are moving capital onto the network.
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