Solana News Today: Institutional Bet: Solana Soars as Cold Wallet Rewards Early Movers

Cold Wallet's presale has reached a milestone with over $6.45 million raised, selling more than 755 million coins to date. The project has introduced a unique rank-based rewards system, allowing early participants to earn tangible influence within the ecosystem. As the presale progresses through Stage 17, the token price is currently set at $0.00998, with a fixed listing price of $0.3517 anticipated, offering a potential return on investment of over 3,400%. This model diverges from traditional token sales by rewarding engagement and early participation through a structured progression system that could grant users governance rights and exclusive benefits [3].

Simultaneously, Solana (SOL-USD) has experienced a significant upsurge in momentum, with its price surpassing $200 and reaching intraday highs of $204–$208. The cryptocurrency’s market capitalization now stands at $112.5 billion, supported by daily trading volume of over $6.6 billion. This represents a 176% increase compared to the previous week’s average, indicating robust institutional and whale accumulation. On-chain data reveals increased futures order sizes on major exchanges, with large investors buying in at $190–$200, reinforcing a demand floor. Analysts suggest this accumulation pattern points to confidence in a potential climb to $250 and a possible retest of the $295 all-time high if the upward momentum is sustained [1].

Protocol-level developments are also bolstering Solana’s fundamentals. Buyback activities from ecosystem projects have surged, rising from $14.5 million to $46.8 million in just two weeks, a 158% increase. Solana-based protocols now account for 40% of all crypto project buybacks, a marked rise from 11% in June. These developments reflect a broader willingness among projects to reinvest in Solana liquidity. Institutional interest is also growing, with the European Union exploring Solana infrastructure for digital currencies, positioning the platform beyond retail-driven narratives [1].

Technical analysis supports the bullish scenario, with Solana approaching the $210 resistance level—a key psychological and technical threshold. While this level has previously rejected price action, the asset’s ascending trendline and strong RSI readings (67) indicate a continuation of the upward trajectory. A breakout above $210 could lead to a test of $218–$228, with $250 as an extended target. Conversely, a failure to hold above $200 or a drop below $187 would likely shift the short-term bias to bearish, exposing $176 support. Futures open interest has increased by 2.8%–2.9% across Binance and OKX, indicating growing leveraged exposure to potential upside [1].

Further institutional tailwinds are emerging, including VanEck’s filing for a Solana ETF backed by JitoSOL staking tokens. If approved, this could inject billions into Solana markets, accelerating revaluation. Additionally, Solana is being actively evaluated for European digital currency infrastructure, competing with Ethereum as a high-throughput blockchain solution. These developments add durability to Solana’s demand, differentiating it from speculative cycles. The asset’s 8.1% weekly gain places it among the top-performing altcoins, outpacing Ethereum’s 6.7% and Bitcoin’s 4.2% decline [1].

In parallel, Solana’s growing institutional appeal is reflected in Hong Kong’s recent regulatory approval of OSL, one of the few licensed crypto exchanges in the region, to list Solana for retail investors. This development is part of Hong Kong’s broader strategy to become a global virtual asset hub, including the launch of Asia’s first spot Bitcoin and Ether ETFs in April 2024. The regulatory landscape in China, however, remains restrictive, with mainland China treating most crypto activity as illegal since 2021. Nevertheless, the expansion of Solana trading in Hong Kong signals a potential shift in policy and growing access for retail and institutional investors [2].