Solana ( SOL) breached the $250 mark on Sept. 14 for the first time in months, capping off a strong rally that pushed its market capitalization above $133 billion and solidified its position as the fifth-largest digital asset. The surge brought its seven-day gains to more than 20%, making it one of the best-performing altcoins of the period.

Although SOL had pulled back to $243 at the time of writing (Sept. 14, 5.45pm EST), some analysts believe the digital asset will continue its rise, with a new target of $300 in sight. On the social media platform X, the analyst known as Xforceglobal identified three key levels of interest before a potential pullback, setting targets at $260, $380, and $460. Another analyst, Ali, noted that SOL had broken out of an ascending triangle pattern, putting its mid-term target of $360 in sight.

A key factor supporting the rally is the aggressive accumulation of SOL by Galaxy Digital. According to the on-chain analytics firm Lookonchain, Galaxy Digital purchased an additional 325,000 SOL, valued at $78 million, in just five hours on Sept. 13. This latest acquisition brought Galaxy Digital’s total haul to nearly 5 million tokens in just three days.

Solana proponents see Galaxy Digital’s heavy accumulation as a strong signal of institutional confidence in the network’s infrastructure. This faith has been growing since April, when Galaxy swapped 65,600 ETH for 752,240 SOL. The firm has since then shown further commitment to Solana through various initiatives, including reported plans to establish a $1 billion SOL treasury with Multicoin and Jump Crypto.

Additionally, speculation surrounding a potential Solana ( SOL) spot exchange-traded fund (ETF) is widely believed to be a major catalyst for the digital asset’s recent rally. This surge has propelled SOL to its highest price in nearly eight months, a milestone last seen on January 26, according to data from Coingecko.

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