TLDR
- Corporate treasuries holding Solana tokens reached $4.03 billion, representing nearly 3% of total supply
- Solana futures open interest climbed to over $16 billion, up from $6.8 billion at the start of 2024
- Forward Industries leads corporate holdings with 6.8 million SOL tokens worth $1.61 billion
- SEC expected to approve spot Solana ETFs in October, potentially boosting institutional demand
- Technical analysis suggests SOL could reach $295 all-time high, representing 25% upside from current levels
Companies are accumulating Solana tokens at an unprecedented rate, with corporate treasuries now holding over $4 billion worth of the cryptocurrency. According to Strategic Solana Reserve data, these holdings have reached 17.11 million SOL tokens.
The reserves account for almost 3% of Solana’s circulating supply of more than 600 million tokens. This corporate buying spree mirrors the strategy popularized by MicroStrategy with Bitcoin.
Forward Industries leads the pack with more than 6.8 million SOL tokens valued at $1.61 billion. The company announced its Solana reserve formation on September 8, with backing from crypto firms including Galaxy Digital, Multicoin Capital, and Jump Crypto.
Other major corporate holders include Sharps Technology, DeFi Development Corp, and Upexi, each holding approximately 2 million SOL tokens. These individual allocations exceed $400 million per company.
Galaxy Digital made headlines with a massive $306 million Solana purchase in a single day following Forward Industries’ announcement. This buying activity has contributed to increased market confidence.
Helius Medical Technologies launched a $500 million Solana treasury reserve on Monday. Pantera Capital and Summer Capital are leading this initiative.
Institutional Interest Drives Market Momentum
Pantera Capital CEO Dan Morehead described Solana as the “fastest, cheapest, most-performing” blockchain network during a CNBC interview. He revealed his company holds a $1.1 billion position in SOL tokens.
Corporate holders have an advantage over Bitcoin treasury companies through staking rewards. Solana offers approximately 8% staking yield annually, meaning a company with $500 million in holdings could earn $40 million yearly.
Derivatives data shows growing investor demand for Solana exposure. Futures open interest has surged to over $16 billion from $6.8 billion at the start of 2024.
The open interest bottomed at $3.64 billion in March before beginning its current uptrend. This metric indicates robust demand in the futures market.
Weighted funding rates have remained positive in recent days. This suggests traders expect future prices to exceed current levels.
Regulatory and Technical Outlook
The Securities and Exchange Commission is expected to approve spot Solana ETFs in October. This development could provide another catalyst for institutional adoption.
SOL price has recovered from April lows of $94.95 to current levels around $233. The weekly chart shows the token trading above the Ichimoku cloud indicator, confirming bullish momentum.
The 50-week Exponential Moving Average has been surpassed, adding to positive technical signals. The MACD indicator recently crossed above the zero line, supporting continued gains.
Relative Strength Index is approaching the overbought level of 70 but has not yet reached extreme readings. Technical analysis points to a potential target of $295, representing the previous all-time high.
This target would represent approximately 25% upside from current price levels. Federal Reserve interest rate cuts may also support risk assets like Solana.
Solana’s dominance in the meme coin sector could benefit from increased risk appetite following rate cuts. The ecosystem continues attracting developers and users with its fast transaction speeds and low costs.
Current corporate treasury holdings total $4.03 billion across 17.11 million SOL tokens, with futures open interest reaching $16 billion as institutional demand continues growing.
