Solana (SOL) is on the radar due to a developing price spike, spotted by market analyst Crypto Patel. The third-generation blockchain platform, which offers rapid, scalable solutions for DApps, rose past $212.03 today, indicating a major breakout, according to data shared by the analyst. After weeks of trading below $189, this significant breakout signals a major turning point for the altcoin. SOL now stands at $211.36, up 4.8% and 13.2% over yesterday and the past week, respectively. As reported in the analyst’s data, SOL’s robust resurgence highlights a mixture of structural demand and technical strength.
Retail Sentiment On SOL Turns Bullish
SOL is once again attracting user interest, especially from retail investors, as its value continues to gain momentum. While institutional clients support the market, the development above signals individual customers are coming back to the market.
According to the Santiment data shared by the analyst, retail traders are becoming bullish as Solana recovers from a low of $189, marking a strong, positive social sentiment. Retail sentiment has remained high over the past 11 weeks, an indicator of rising momentum and robust demand in the market. This surge in enthusiasm comes as Solana attracts customer interest with its renewed prices. The asset climbed past $189 on August 21, pumping a remarkable increase of 22% within a week.
As prices tick up and retail confidence increases, the market sentiment has stepped into a ‘greed’ territory. Santiment data shows retail sentiment has turned highly optimistic, indicating asset accumulation. Currently, retail customers seem to be driving a purchasing frenzy and supporting demand for Solana. This also shows that long-term Solana holders are not exiting the market, and SOL holdings continue to pile. More tokens are moving into long-term holdings than being put on sale. This suggests that these customers are reinvesting or holding more than they are selling, leading to substantial supply reductions.
Solana Treasuries Hit $1.7 Billion as Institutional Interest Increases
Other contributing factors for SOL’s momentum include the increase of Solana-based treasury companies, the possibility of a spot SOL ETF getting authorised in the near future by US regulators, and expanding institutional interest.
Institutional demand for SOL has risen in recent months as companies expressing interest in holding Solana tokens as reserve treasuries rise. So far, the number of corporate SOL treasuries has risen to 13, with data showing Solana treasury companies currently holding a total of 8.27 million SOL valued at $1.72 billion.
Sharps Technology is the biggest corporate holder of Solana treasuries, currently holding 2.14 million SOL. Upexi comes second, holding 2 million SOL. DeFi Development Corp is third on the list with 1.42 million SOL. Other prominent companies developing Solana-focused treasuries include Pantera Capital, Galaxy Digital, Jump Crypto, Multicoin Capital, and others.
