Solana Surges 4.272% as Institutional Interest Intensifies

Solana's latest price was $175.38, up 4.272% in the last 24 hours. This surge in price reflects the growing institutional interest in Solana, with several publicly traded companies accumulating large amounts of SOL. Upexi, a Solana treasury company, has acquired 1.9 million SOL, investing approximately $320.4 million. DeFi Developments Corp, an AI-powered online platform, has accumulated 1,182,685 SOL, with an unrealized gain of $36.8 million. SOL Strategies, a Toronto-based investment firm, holds 392,667 SOL, reflecting a $3.9 million gain. Torrent Capital, a publicly traded investment company, has acquired 40,039 SOL, with a profit of approximately $0.2 million. These four companies collectively control roughly 0.65% of Solana’s circulating supply and about 0.58% of its total supply, indicating a growing confidence in Solana’s long-term prospects.

Corporate accumulation of Solana has intensified recently, as companies seek staking rewards to optimize treasury strategies. Bit Mining executed its first SOL purchase, acquiring 27,191 tokens to diversify its portfolio. Upexi more than doubled its holdings, expanding from 735,692 tokens to over 2 million, demonstrating strong commitment to Solana's ecosystem. DeFi Development Corp further reinforced this trend by adding 110,466 tokens, elevating its total SOL position to 1.2 million. These institutional shifts reflect broader interest in Solana's high-speed infrastructure for generating passive income, marking a strategic pivot toward yield-bearing assets.

In a separate development, iSpecimen partnered with BlockArrow to establish a $200 million corporate treasury focused on Solana, aiming to leverage the blockchain for enhanced treasury performance and real-world utility. This move underscores growing corporate integration of Solana into financial operations. The acquisition of Solsniper by Phantom is a notable example of how the Solana network is attracting major players and expanding its capabilities. The move by the whale to transfer SOL to a DeFi platform and the net exchange outflow further indicate a growing interest in decentralized finance and a belief in the long-term potential of Solana. As the Solana ecosystem continues to grow and attract new users, it is likely to see increased activity and innovation, further solidifying its position as a leading blockchain platform.

Phantom, a major wallet provider on Solana, has acquired Solsniper, a memecoin and analytics platform. This move is expected to improve infrastructure for retail and DeFi users, potentially increasing user activity and on-chain volume. The acquisition is part of Phantom’s strategy to expand its DeFi capabilities and enhance its offerings to users. Solsniper’s analytics platform provides valuable insights into memecoin trends and market movements, which can be leveraged to improve Phantom’s services and attract more users to the Solana network. The move by Phantom to acquire Solsniper is a significant development for the Solana ecosystem, as it demonstrates the growing interest in decentralized finance and the potential for increased user activity on the network.

Lookonchain data indicated a whale withdrew 71,000 SOL, valued at approximately $12 million, from Binance to Kamino, a DeFi yield platform. Additionally, Coinglass reported a net exchange outflow of over $21 million on August 5. These withdrawals reflect rising investor preference for self-custody and long-term holding, reducing sell-side pressure and supporting accumulation behavior. The move by the whale to transfer SOL to a DeFi platform suggests a growing interest in decentralized finance and a belief in the long-term potential of Solana. The net exchange outflow further indicates that investors are moving their SOL holdings off exchanges and into personal wallets or DeFi platforms, which can be seen as a bullish sign for the cryptocurrency.

Solana’s broader ecosystem has also shown strength. The acquisition of Solsniper by Phantom is a notable example of how the Solana network is attracting major players and expanding its capabilities. The move by the whale to transfer SOL to a DeFi platform and the net exchange outflow further indicate a growing interest in decentralized finance and a belief in the long-term potential of Solana. As the Solana ecosystem continues to grow and attract new users, it is likely to see increased activity and innovation, further solidifying its position as a leading blockchain platform.