JAKARTA – The price of Solana (SOL) has surged past the US$208 mark, outperforming the broader cryptocurrency market.
This rally has been driven by technical indicators, rising demand from corporate treasuries, and increased activity from new institutional validators.
According to CoinDesk on Thursday (28 August), SOL rose by 7.68% over the past 24 hours to US$208.24 on Wednesday, while the CoinDesk 20 Index (CD20) gained just 2.89%, and the total crypto market capitalisation increased by 1.6% during the same period.
Analysts attribute Solana’s strong performance to a combination of technical momentum and growing structural demand.
Scott Melker, a trader known as the “Wolf of All Streets”, noted that Solana is currently at a critical level against Bitcoin. He believes that if SOL breaks through its resistance level, it could become the “darling” of the next altcoin cycle.
Another analyst, Lark Davis, described Solana as a “catch-up trade” — an asset that hasn’t yet risen as much as others, offering an opportunity for investors who missed Ethereum’s rally to “make up for lost ground”.
Davis highlighted three key catalysts:
* The emergence of SOL-based corporate treasuries mimicking Bitcoin’s accumulation strategy
* The potential approval of a spot SOL ETF by the SEC in the near future
* Growing interest from major institutions
He believes these factors could drive billions of dollars into SOL. However, Altcoin Sherpa, a popular analyst on X, cautioned investors against chasing the rally too hastily.
He described the current rise in SOL as unusual and advised traders to consider taking profits between US$205 and US$215, or to wait for clearer market direction before re-entering.
Short-term rallies often face corrections once liquidity normalises.
Meanwhile, DeFi asset management firm Sentora reported that over US$820 million worth of SOL is now held in corporate treasuries. This figure is comparable to Ethereum holdings back in April, prior to its surge towards US$20 billion. Sentora sees this trend as a sign that SOL could follow in ETH’s footsteps if adoption accelerates.
On the institutional adoption front, Solana has also seen positive developments.
Today, staking service provider Chorus One launched a new Solana validator in partnership with Delphi Consulting (a division of Delphi Digital).
This move is seen as a commitment by institutions not only to provide capital, but also to help build infrastructure for the networks they support.
The validator is described as institutional-grade infrastructure, reinforcing long-term participation in the Solana ecosystem. (DK/LM)
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