Key Takeaways:
SOL rallies above $250, its highest level in 8 months, up 25% in the past 30 days.
Corporate treasuries have accumulated 17M SOL ($4.3B), led by firms like Forward Industries and Sharps Technology.
SOL options signal bullish bias, despite muted leveraged futures demand.
Traders expect ETF approvals in the U.S., with Solana positioned to capture inflows amid strong staking yields.
SOL Price Extends Rally Above $250
Solana’s native token, SOL, surged past $250 on Thursday, marking its strongest level in nearly eight months. The rally has helped SOL outperform the broader altcoin market by more than 25% over the past 30 days, driven by institutional accumulation and growing expectations of U.S. crypto ETF approvals.
While the perpetual futures market shows weak appetite for leveraged long positions—with funding rates hovering around 8% versus the typical 15% in strong bull runs—analysts argue that corporate adoption is reducing downside risk.
Corporate Treasuries Amass 17M SOL
The most significant driver of Solana’s rally is its adoption as a corporate reserve asset. According to Strategic Solana Reserve data, firms collectively hold over 17 million SOL, worth $4.3 billion.
Forward Industries (FORD): 6.82M SOL
Sharps Technology (STTS): 2.14M SOL
Defi Development Corp (DFDV): ~2M SOL
Upexi Inc. (UPXI): ~2M SOL
On Monday, Nasdaq-listed Helius Medical Technologies (HSDT) announced a $500M treasury program focused on Solana, reflecting a playbook similar to Strategy’s Bitcoin accumulation model.
Options Market and ETF Momentum Support Bulls
Despite muted leverage, SOL options markets are leaning bullish. The put-to-call premium ratio has remained between 14% and 57% in recent weeks, showing stronger demand for call (buy) options rather than downside hedges.
Much of this optimism is tied to expectations that the U.S. Securities and Exchange Commission (SEC) could soon approve multiple Solana-based ETFs. The SEC recently introduced new listing standards to accelerate approvals and cleared Grayscale’s $930M Digital Large Cap Fund (GLDC), which holds XRP, SOL, and ADA alongside Bitcoin and Ether.
Solana’s Competitive Edge: Yield and Liquidity
While Ethereum dominates with $101.6B in total value locked (TVL), Solana ranks second at $14.6B (DefiLlama). Importantly, SOL offers a staking yield of 6.8%, far above Ethereum’s 2.9%, which could attract institutional investors seeking yield.
Analysts argue that if ETF inflows materialize, combined with sustained corporate treasury adoption, Solana could push toward the $300 level in the coming weeks.
