Daily Briefing: Solana's Fresh Route Towards All-Time High (ATH)
Solana, the high-performance blockchain, is experiencing a surge in popularity as key institutions build large positions and significant developments unfold. World Liberty Fi has announced Project Wings on Solana, pushing USD1 pairs live for trading on Bonk and Raydium. This move is expected to bolster Solana's growing ecosystem. Notably, Forward Industries, Helius Medical Technologies, Galaxy Digital, Jump Crypto, and Multicoin Capital are among the companies that have taken a keen interest in Solana. In 2025, Forward Industries held SOL tokens worth $1.6 billion and made substantial purchases throughout the year. Helius, on the other hand, plans to scale its initial SOL position over 12-24 months starting in 2025. The institutional flows that have been the primary force driving crypto majors' price action over the past 18 months are now focusing on Solana. Matt Hougan, CIO of Bitwise, believes the same forces that powered Bitcoin and Ethereum's rally are now lining up for Solana, setting the stage for an 'epic end-of-year run.' The SEC is considering spot Solana ETFs from multiple issuers, including Bitwise, and staking ETFs. Approval is expected in Q4, as soon as October. VanEck has also announced plans to apply for a Hyperliquid staking ETF. Solana's leading apps, Pump Fun and Raydium, are introducing buybacks to their respective tokens based on protocol volumes. This move is expected to further boost Solana's value. A major ecosystem airdrop with Meteora's MET token is coming next month. Meteora has also confirmed its MET TGE will take place in October, with a 'first of its kind' airdrop claim. Solana's price has reached a seven-month high, nearly $225. This surge is partly due to the strong corporate treasury purchases and the influx of institutional investment. In the AI sector of crypto, LEA, nuit, and TIBBIR led the top movers, while in the memes section, DOGE, Shiba, PEPE, PENGU, BONK, TRUMP, and FARTCOIN saw green. MURICA, a top meme mover of the day, saw a 38x increase. The Hong Kong Central Bank has shared plans to relax requirements for banks holding crypto, potentially paving the way for more institutional investment in Solana. Binance and Franklin Templeton have announced a collaboration to develop new digital-asset products for a broad investor base. This partnership could further boost Solana's growth. The Bitcoin ETFs saw $741.5M in net inflows on Wednesday, their highest day since July 16. This influx of capital into the crypto market could also benefit Solana. In other news, Chainlink is working with additional U.S. agencies to bring more government data and processes on-chain, with an eye toward election-related use cases. Rekt Drinks introduced their newest flavor 'Moon Crush' in partnership with MoonPay, offering Rekt DRANK points with each case purchased. Gondi processed a 750,000 USDC loan for 365 days with an effective 22% APR, against a basket of 2 Lost Robbies and 1 Skull of Luci. This move demonstrates the growing use of Solana for financial transactions. Solana's strong ecosystem, with apps like Pump Fun driving top-5 revenue numbers across all of crypto, is another factor contributing to its surge in popularity. Finally, Forward Industries has closed a $1.65B raise to build a Solana treasury. This significant investment is a testament to the faith institutions have in Solana's future. Matt Hougan sums it up well when he says, 'the recipe for strong returns in crypto has been clear: take one part exchange traded products (ETP) inflows, add strong corporate treasury purchases, and voila - you get big returns.'
Read also:
- Minimal Essential Synthetic Intelligences Enterprise: Essential Minimum Agents
- Tesla is reportedly staying away from the solid-state battery trend, as suggested by indications from CATL and Panasonic.
- Tesla's 37th week update: Stock remains steady, potential successor for Musk, unveiling of new megapack, fuel reveal delayed until IAA event
- Lieutenant Governor Kounalakis joins SoCalGas in unveiling the novel H2 Hydrogen Innovation Experience, a one-of-a-kind demonstration.
){kind=link}