SOL Strategies Acquires $18.25M in SOL Tokens, Boosting Solana's Growth

SOL Strategies Inc., a Canadian company focused on the growth and development of the Solana blockchain, has announced the acquisition of 122,524 SOL tokens, valued at approximately $18,250,730. The purchase was made at an average price of about $148.98 per coin. This significant investment aligns with SOL Strategies' three-pillar strategy, which includes enterprise-grade validators, strategic SOL holdings, and Solana technology innovation. The company had previously announced the closing of the initial $20 million of its $500 million convertible note facility at the beginning of this month.

The Solana network has experienced substantial growth in daily active users, largely driven by the surge in memecoins. According to a recent report, memecoins have been a major contributor to on-chain revenues on the Solana network. In January and April 2025, memecoin trading accounted for 44 percent and 35 percent of all decentralized exchanges (DEX) trading, respectively. Excluding stablecoins, SOL, and SOL liquid staking tokens, memecoins represented 99 percent of Solana trading activity in January and 95 percent in April. This trend highlights Solana's capability to handle large volumes of decentralized trading efficiently.

Market data analysis from Nansen indicates that the top five Solana DeFi products, including Raydium, Fluxbeam, Pump.fun, and Jupiter, have recorded over 239 million users in the past 30 days. This underscores the growing adoption and usage of Solana's decentralized finance ecosystem.

Despite a notable increase in April, the SOL price has been in a correction phase over the past two weeks. As of Tuesday, May 6, during the mid-North American session, the SOL price traded around $142, reflecting a drop of around 2 percent in the past 24 hours. The fully diluted valuation of Solana stands at about $85 billion, with a total value locked of around $7.6 billion.

From a technical analysis perspective, the SOL price is poised to rally towards $174 if buyers maintain support above $140 in the coming days. However, a breach of the support level around $142 could see the SOL price drop towards the next liquidity level around $125. The recent purchase by SOL Strategies could potentially bolster market confidence and support a bullish momentum for Solana, as the company's strategic holdings and innovation efforts continue to drive the network's growth.