Solana (SOL) Rises 20% as Institutional Interest and Meme Coin Recovery Drive Price

Solana (SOL) is currently trading at $134.72, showing signs of recovery after recent volatility. The cryptocurrency is testing key support levels, with the $130 mark emerging as a crucial area that could drive prices higher in the coming weeks. Market participants are closely watching the $144 level as a potential resistance breakout point, which could pave the way for further gains.

On-chain data reveals that the largest group of SOL holders purchased tokens at approximately $129.79, with over 32 million SOL transacted at this price level. This massive accumulation could potentially drive rebounds if markets decline again, as many investors choose to buy or hold when prices drop to these levels, creating a stable support zone.

Institutional interest in Solana is growing, with the launch of Canada’s first spot Solana ETFs on April 16, 2025, increasing market speculation about potential price movements. This development raises the possibility that increased institutional adoption could drive the price toward the $200 mark.

Real estate company Janover has emerged as a major institutional player in the SOL market. The company announced the purchase of 80,567 Solana tokens valued at $10.5 million on Tuesday, bringing its total holdings to 163,651 SOL worth approximately $21 million. This marks Janover’s third major crypto purchase, following a shift in its treasury policy on April 4 to begin acquiring digital assets on a long-term basis, starting with Solana.

Janover’s strategy mirrors business intelligence firm Strategy’s Bitcoin buying spree, but with a focus on Solana instead. The company is distinguishing itself as the first publicly traded US company to adopt a treasury strategy primarily focused on SOL. Since authorizing its new treasury policy, Janover’s stock price has risen remarkably, jumping over 1700%. The company stated it would begin staking its newly acquired SOL immediately to generate revenue while supporting the Solana network.

Solana’s ecosystem is also getting an additional boost from the recovery of its meme coin sector. After months of decline, Solana meme coins are regaining bullish momentum with dramatically increasing daily trade volumes and price gains across most leading tokens. This increased network activity has contributed to Solana’s 20% price gains over the past week.

Solana has outperformed major cryptocurrencies such as Bitcoin, Ethereum, and XRP in the weekly timeframe. While SOL has gained over 20%, BTC, ETH, and XRP are up by 10%, 11%, and 17% respectively within the same period. Analysts predict that Solana’s price could move toward the $170 to $180 range if it holds above crucial support levels. Others suggest that the most likely short-term scenario is consolidation between $125-$135, a zone where most recent transaction volume has occurred.

Investors and traders are monitoring whether Solana will break essential resistance levels, especially the $144 price level. A breakthrough could lead to further price appreciation, while failure to hold above the $130 support level might trigger downward movement. Janover has also announced a partnership with crypto exchange Kraken through a non-binding Letter of Intent. Under this agreement, Kraken will delegate a portion of its existing and future staked SOL to validators operated by Janover. The partnership follows a recent acquisition of Janover’s majority stocks by former Kraken executives, led by Joseph Onorati and Parker White earlier this month.