Solana (SOL) has exploded 12% in the past 24 hours, briefly touching the $200 mark, as a wave of institutional adoption and tokenization milestones supercharge its rally.
At the forefront is DeFi Development Corp (DDC), whose aggressive treasury strategy now holds over 1.3 million SOL worth nearly $250 million, earning $63,000 daily in staking rewards.
The company’s 10% Annualized Organic Yield (AOY) and validator operations underscore Solana’s staking advantage over non-yielding assets like Bitcoin.
In August alone, DDC added 4,500 SOL to its reserves, fueled in part by a $122.5 million convertible debt raise managed by Cantor Fitzgerald. CEO Joseph Onorati noted a 47% rise in the company’s SOL Per Share metric since June, highlighting strong operational growth.
A major catalyst on the horizon is the potential approval of Solana ETFs within the next two months. Nate Geraci, President of NovaDius Wealth Management, told CNBC that the SEC is considering over 75 crypto ETF applications, with a streamlined approval framework in place for assets like Solana, XRP, and Cardano.
From a technical perspective, SOL has broken above key resistance levels at $185, $190, and $195, with the next critical hurdles at $202–$205. A sustained close above $205 could trigger a short-term surge to $220, while breaking $222 could pave the way toward $244–$250.
The MACD remains in bullish territory, the RSI is trending upward without being overbought, and the Chaikin Money Flow has flipped positive, indicating strong buying pressure. Support remains at $194 and $186, with a break below $175 invalidating the current bullish setup.
With institutional inflows, real-world asset tokenization, and a looming ETF decision, Solana appears poised for what could be the early stages of a mega rally.
Cover image from ChatGPT, SOLUSD chart from Tradingview
