Solana’s SOL Eyes $300 Mark Amid Corporate Treasury Demand and DEX Volume Surge

Solana’s SOL Eyes $300 Mark Amid Corporate Treasury Demand and DEX Volume Surge

Solana’s native token SOL experienced a sharp rejection near $250 over the weekend but still posted a 24% gain over the past 30 days, buoyed by rising onchain activity and renewed market interest. Traders are increasingly optimistic that SOL could reach $300, driven by Solana’s regained leadership in decentralized exchange (DEX) volumes and growing institutional involvement.

Solana Surpasses Ethereum in DEX Trading Volume

In September, Solana overtook Ethereum as the leading blockchain for DEX trading, processing $121.8 billion in monthly volumes—approximately 90% higher than Binance Smart Chain (BNB Chain), its closest competitor. This leadership is critical as higher trading volumes generate increased transaction fees, which in turn create sustained demand for SOL tokens used to pay those fees.

Data from Nansen indicates that Solana’s transaction fees rose 23% over the past week, a notable increase given Ethereum’s significantly larger total value locked (TVL). While Ethereum holds nearly seven times more TVL, many Ethereum-based decentralized applications exhibit low turnover and limited fee generation, limiting fee-related benefits for ETH holders.

Corporate Treasury Allocations Fuel SOL Demand

Institutional interest is reinforcing SOL’s price momentum. Forward Industries (FORD), a medical and technology design company, raised $1.65 billion in private funding and allocated a portion of these proceeds to acquire SOL for its corporate treasury. This fundraising was backed by key players such as Galaxy Digital, Jump Crypto, and Multicoin Capital—firms known for early investments in prominent blockchain projects.

Additionally, DeFi Development Corp, a Solana-focused treasury firm, disclosed holdings exceeding 2 million SOL tokens, valued at over $460 million. Pantera Capital recently announced a new Solana-backed treasury vehicle, Helius (HSDT), with an initial private placement of $500 million co-led by Summer Capital, a Hong Kong-licensed fund manager. This vehicle could expand to $1 billion, further increasing institutional exposure to SOL.

Interoperability and Ecosystem Partnerships Enhance Growth Prospects

Interoperability upgrades also contribute to Solana’s positive outlook. A proposed open-source bridge between Solana and Base—an Ethereum layer-2 network developed by Coinbase with over 20 million active addresses—would facilitate cross-chain asset transfers, creating a more connected and interoperable ecosystem.

Separately, World Liberty Financial (WLFI), a crypto initiative supported by former President Donald Trump, announced a partnership with Solana’s memecoin platform Bonk.fun and the Raydium DEX. This collaboration aims to fund multimillion-dollar promotional rewards targeting USD1 stablecoin pairs, with WLFI’s token reportedly backed entirely by US dollars and cash equivalents.

Outlook: SOL’s Path to $300

Considering Solana’s expanding onchain activity, significant institutional accumulation, and growing ecosystem partnerships, market participants view a rally to $300 as attainable in the near term. Achieving this level would value Solana’s market capitalization at approximately $163 billion, representing a roughly 70% discount to Ethereum’s $543 billion valuation, which underscores the potential for further upside.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. The views expressed herein are those of the author and do not necessarily reflect those of the publisher.