Key Points:
The corporate treasury strategy has accumulated 17 million SOL, and although leverage demand is weak, institutional demand continues to strengthen.
The U.S. may see a wave of cryptocurrency ETF approvals, but SOL needs to ensure an influx of funds amidst numerous competitive altcoins.
Solana's native token SOL broke through the $250 mark on Thursday, reaching its highest level in nearly eight months. Over the past 30 days, SOL has outperformed the overall altcoin market by 25%, primarily due to widespread adoption by corporations as a reserve strategy.
Analysts are debating whether this bullish momentum can be sustained, given the market's lackluster demand for long leverage positions in SOL.
The annualized funding rate for perpetual futures remains around 8%, reflecting low demand for leveraged buying. During strong bullish phases, this metric typically rises above 15%. Considering that SOL has increased by 37% in the past 30 days, this should have been the expected market performance. More importantly, from a supply and demand perspective, institutional accumulation seems to have reduced the risk profile of SOL.
According to Strategic Solana Reserve data, companies using SOL as a reserve asset have collectively held over 17 million SOL, valued at approximately $4.3 billion. Major holders include Forward Industries (FORD) with 6.82 million, Sharps Technology (STTS) with 2.14 million, and both Defi Development Corp (DFDV) and Upexi Inc. (UPXI) holding nearly 2 million each.
The SOL reserve strategy reflects the model promoted by Michael Saylor at Strategy (MSTR), which involves acquiring cryptocurrency through issuing corporate bonds and increasing stock issuance. On Monday, Nasdaq-listed Helius Medical Technologies (HSDT) announced a $500 million treasury plan focused on SOL.
To determine whether the weak demand for bullish SOL exposure is limited to the perpetual contract market, attention must be paid to options market activity. Lack of confidence typically drives the put/call option premium ratio above 200%, indicating strong demand for neutral to bearish strategies.
Over the past week, this metric has fluctuated between 14% and 57%, reflecting higher premiums for bullish (buy) options. This suggests that concerns raised by the perpetual futures market are exaggerated, as derivatives traders are not prepared for a downturn. Some of the optimism may be related to the anticipated launch of multiple Solana exchange-traded funds (ETFs) in the U.S.
On Wednesday, the U.S. Securities and Exchange Commission (SEC) introduced new regulatory standards that could accelerate the approval process for spot cryptocurrency ETFs. Professional analysts point out that following the success of Ethereum (ETH) products, traders are particularly eager for SOL ETFs, as Ethereum products have accumulated $24 billion in assets under management.
The SEC also approved the first multi-asset cryptocurrency exchange-traded product in the U.S., clearing the way for Grayscale's $930 million Digital Large Cap Fund (GLDC) to be listed. This fund primarily invests in BTC and ETH while also holding smaller proportions of XRP, SOL, and ADA.
Ethereum continues to dominate institutional capital allocation with its large total value locked (TVL), currently at $101.6 billion. According to DefiLlama data, Solana ranks second with $14.6 billion. However, SOL's staking yield is 6.8%, significantly higher than Ethereum's 2.9%. This higher return could be a decisive factor for new entrants.
As the U.S. SEC is almost certain to approve, SOL's path to $300 will depend on its ability to attract ETF inflows in a competitive altcoin launch environment and maintain ongoing corporate treasury accumulation.
Related: Forward Industries plans to sell up to $4 billion in shares to expand Solana (SOL) treasury
This article is for general reference only and should not be considered legal or investment advice. The views, thoughts, and opinions expressed in the article are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Original: “Why Solana (SOL) Could Be Targeting $300 Next?”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
