Three top institutions plan to raise $1 billion to acquire Solana (SOL) tokens and establish the world's largest SOL reserve. This article is sourced from White55, Mars Finance, and reorganized by Foresightnews. (Background: Financial Times: The EU's digital euro considers operating on public chains like Ethereum and Solana, shifting towards a public and transparent ledger.) (Supplementary background: What does it mean that Solana achieves 100,000 TPS under ideal conditions?) Institutional giants' SOL bet: $1 billion treasury and opportunities in the market crash. According to Bloomberg, Galaxy Digital, Jump Crypto, and Multicoin Capital are pushing forward a financing plan of up to $1 billion specifically for acquiring Solana (SOL) tokens, aimed at assembling the world's largest specialized Solana reserve. The three giants have hired Wall Street investment bank Cantor Fitzgerald as the lead underwriter, planning to create a centralized digital asset reserve company by acquiring a publicly unnamed listed company. If the transaction is completed as scheduled in early September, its scale will exceed that of the current largest Solana reserve pool by more than double. The SOL ambitions of the three giants: restructuring the crypto asset reserve landscape. The institutions participating in the treasury formation are long-term supporters of the Solana ecosystem. Galaxy Digital led the acquisition of Solana from the FTX legacy last year, raising over $600 million; Jump Crypto is developing a new Solana validator client named Firedancer, aiming to enhance network transaction processing capabilities; Multicoin Capital is an early institutional investor in Solana, with its investment portfolio deeply tied to the ecosystem's development. This strong connection makes the $1 billion plan seen as a significant endorsement of Solana's long-term value. The formalization of reserve strategies. This plan marks the expansion of the 'corporate crypto reserve' strategy from Bitcoin and Ethereum to public chain ecosystems. Inspired by Michael Saylor's MicroStrategy Bitcoin reserve strategy, accumulating cryptocurrencies through publicly listed entities has become a new trend for institutional digital asset allocation this year. Similar strategies focused on Bitcoin and Ethereum have significantly boosted the prices of related assets – digital asset treasury companies (DATs) focused on Ethereum have accumulated around $20 billion in ETH, directly driving it to break historical highs last week. Currently, the largest public holder of Solana is supply chain management company Upexi, holding approximately $380 million worth of SOL (over 2 million tokens). However, this record is about to be restructured: in addition to the plans from the three giants, the DeFi Development Company (DDC, formerly Janover), led by former Kraken executives, transformed into a Solana reserve company and saw its stock price surge tenfold in April, having submitted a $1 billion financing application to the SEC to increase its SOL holdings. Another institution, Sol Strategies, has also explicitly regarded Solana as a core reserve asset, forming a camp akin to 'MicroStrategy of Solana.' SOL amidst market chills: divergence between technical and ecological fundamentals. Price volatility. While institutions are actively positioning, Solana's market performance has shown significant fluctuations. Over the past two days, the SOL price plummeted rapidly from a high of $213 to around $187, a drop of nearly 12%, almost retracing all gains from Powell's night and retesting the key support range of $170-180. Technical charts show that the SOL/USD trading pair has formed a descending channel on the hourly chart; if it breaks below the support level of $172, it may further explore the $162 or even $150 area. Market sentiment has rapidly shifted from 'greed' to 'fear,' with the crypto fear and greed index dropping from above 70 to 44, marking a new low since June. The game of technical patterns. Despite short-term pressure, mid-to-long-term technical structure still indicates potential upward space. Since April, SOL has formed an 'ascending triangle' pattern on the weekly chart, with horizontal resistance at $200 and an ascending trendline support near $176. If the daily closing price can effectively break through $200 with increased volume, it may trigger a bullish trend, targeting $220-260, and in extreme scenarios, even reaching $362. Analyst Crypto Jelle pointed out that SOL is 'quietly building higher lows'; once it breaks through the $200 resistance, 'the upward train will be hard to stop.' Ecological resilience supports value. The fundamentals of Solana continue to improve. Data shows that its decentralized exchange (DEX) trading volume consistently leads other public chains, and the increase in protocol buyback activities indicates enhanced confidence from project parties. The meme coin platform Pump.fun contributed nearly 90% of Solana's Launchpad revenue last week, validating its status as the preferred chain for speculative tokens. The upcoming Alpenglow upgrade aims to further enhance network performance, which could become a catalyst for subsequent value discovery. SOL/ETH rate seeks a bottom: historical support at the 0.04 threshold. Another key signal comes from the SOL/ETH rate. This rate has dropped from a high of 0.089 to around 0.042, nearing the historical support zone of 0.04. This position has repeatedly triggered strong rebounds for SOL relative to ETH, and the current level may once again provide a strategic allocation opportunity. If the institutional reserve plan is realized, it will tighten the supply of SOL in the spot market, driving its relative performance to strengthen. The double-edged sword of institutional coin hoarding: opportunities and risks coexist. Liquidity siphoning effect. The establishment of the $1 billion reserve treasury will directly lead to a contraction in market circulation. Based on the current SOL price, the plan corresponds to locking about 5.3 million SOL (accounting for over 1% of the total supply). This large-scale lock-up could trigger a liquidity siphoning effect similar to Ethereum DATs – when the holdings of ETH treasury companies reached 3% of the total supply, their prices broke historical highs under supply tightening. Systemic risk concerns. Galaxy CEO Michael Novogratz warned that the crypto reserve craze may have peaked, and new entrants will face a more severe environment. Any sustained market decline could trigger a chain reaction of forced selling, especially when SOL facing collateral lending is under liquidation pressure. The strategic choice at the crossroads of the market. The $1 billion treasury plan from the three giants stands in dramatic contrast to the plummeting SOL price. For astute investors, the crash may represent a moment to accumulate...

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