SOL Token Surges 3.11% as Institutional Holdings and USDC Minting Drive $94B Market Cap

Solana (SOLUSDT) experienced a 3.11% price increase over the last 24 hours, rising from a 24h open of 168.65 to a current Binance price of 173.90. This upward movement is primarily attributed to increased institutional interest, including publicly traded companies holding over $591 million in SOL and Phoenix Group establishing a significant treasury position. Additional positive sentiment was driven by Circle minting $250 million USDC on Solana, the launch of the first US ETF with SOL exposure, and Binance Earn introducing limited-time staking offers with increased APR rewards for SOL. Technical factors, such as strong trading volume between $4.9 billion and $5.06 billion and Solana’s rebound from key support levels, have also contributed to the price momentum.

Solana is currently trading at 173.90 on Binance, with a market capitalization near $94 billion and a circulating supply of approximately 539 to 540 million SOL, ranking it as the sixth largest cryptocurrency by market cap.