- Solana surged 20% in a week, now near $243, with speculation of a run to $1,300.
- Institutional buyers like Galaxy Digital and 17 treasury firms are backing the rally.
- Technical patterns and strong on-chain activity strengthen the bullish case, though resistance near $246 remains key.
Solana (SOL) has been on fire lately, rallying strong enough to grab the spotlight from both retail traders and the big institutional players. Over just the past week, the token jumped about 20%, now hovering near $243. With momentum clearly building, the question buzzing across the market is simple—could Solana actually be gunning for $1,300?
Institutional Buying Fuels Solana’s Price Momentum
The surge isn’t just hype-driven; it’s backed by some serious buying power. Fresh numbers from the Strategic SOL Reserve (SSR) show that 17 different treasury firms now control more than 10 million SOL combined—roughly $2.5 billion worth. Names like Sharps Technology, DeFi Development, and Upexi all hold north of 2 million SOL each, a sign that companies are treating Solana as a long-term bet.
Even more striking, Galaxy Digital recently scooped up nearly 5 million SOL, worth over $1.1 billion, and shifted most of it into Coinbase Prime custody. That deal ties into Forward Industries’ plan to build what could become the largest publicly traded Solana treasury. Moves like this are adding serious weight to the bullish case.
Solana Network Strength Outpaces Rivals
It’s not only whales and treasuries making headlines. On-chain, Solana keeps smashing transaction volume records, often topping 30 million daily. That puts it far ahead of competitors like Ethereum in raw usage. Such activity is hard to ignore—it shows the chain is actually being used at scale, not just pumped on speculation. That real demand gives the rally a stronger backbone.
Solana ETF Approval Could Be the Next Catalyst
Regulators are also in the mix here. The SEC recently pushed back a decision on Franklin Templeton’s Solana ETF to November 14. While delays can frustrate traders, some analysts see the repeated extensions as a subtle sign of progress. With SOL’s robust activity and clear market position, the odds of an ETF hitting before the end of 2025 are looking better compared to weaker altcoins that lack fundamentals.
Solana Chart Patterns Point to Potential 5x Upside
From the technical side, chart watchers like Ali Chart are flagging a bullish “cup and handle” setup. Historically, this kind of formation precedes explosive breakouts. If momentum holds steady and resistance at $242–$246 flips into support, Solana could stretch its legs toward $1,300—more than five times the current price.
Of course, nothing moves in a straight line. If the resistance zone holds strong, SOL could retrace down toward $184 before mounting another attempt higher. For now, though, the setup has traders buzzing with optimism.
