Volatility in crypto markets is rising, but smart money is clustering around some major tokens with booming onchain ecosystems.

Crypto markets wobbled on Thursday as traders reacted to renewed military action in the Middle East, with Israel’s reported airstrikes on Iran prompting a broader risk-off move.

But while bitcoin BTC and major assets dipped in early Asian hours, majors such as XRP XRP and Solana’s SOL SOL are still seeing tailwinds from institutional narratives, analysts say.

XRP, currently trading around $2.10, is drawing attention for its growing footprint in corporate treasuries.

More than $470 million worth of XRP buying pressure is being earmarked by firms such as Webus International (at $300 million), VivoPower (at $121 million), and Wellgistics ($50 million), opined Ryan Lee, Chief Analyst at Bitget Research.

“The surge in corporate XRP treasuries signals a growing institutional embrace of XRP for its low-cost, high-speed payment capabilities,” Lee said in a note to CoinDesk.He added that pending legal clarity and ETF speculation could push XRP as high as $5 by mid-2025, though risks remain.

Solana, meanwhile, is benefiting from solid network fundamentals and ETF demand. The token has climbed to around $165, buoyed by over $1.2 billion in Q1 application revenue and rising open interest in futures markets, suggesting renewed confidence among both retail and institutional players.

If current momentum holds, SOL could rally to $200–$250, with upside to more than $300, Lee shared.

Late Thursday, DeFi Development Corporation revealed plans to raise up to $5 billion through an equity line to boost its Solana treasury. The company had earlier withdrawn a Form S-3 filed with the SEC, which contained its plan to raise $1 billion to acquire SOL.

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