Key Points:
Corporate reserve investments continue to drive demand, enhancing the price momentum of SOL.
The dominance of DEX, growth in transaction fees, and upgrades in interoperability further solidify Solana's position as a competitive blockchain.
The native token of Solana, SOL, faced a significant pullback after testing the $250 mark on Sunday. Despite the adjustment, SOL has still risen 24% over the past 30 days, primarily relying on more active on-chain performance.
Traders are discussing whether the current momentum can push SOL towards $300, especially as the Solana network regains its lead in decentralized exchange (DEX) trading volume.
In September, Solana surpassed Ethereum to become the top blockchain for DEX trading. The network processed $121.8 billion in monthly trading volume, approximately 90% higher than its competitor BNB Chain. Achieving leadership in this area is crucial, as higher trading volumes generate more fees, creating sustained demand for SOL to pay for these transactions.
According to Nansen, Solana's fees have increased by 23% over the past seven days. This growth is noteworthy, as Ethereum's total locked value (TVL) is still nearly seven times that of Solana. However, ETH holders see limited benefits from this foundation, as many decentralized applications, including re-staking and real-world assets (RWA), show low turnover rates and weak fee generation.
Recent corporate treasury activities have boosted demand for SOL. Some companies are financing through stock or debt issuance and allocating the proceeds to cryptocurrencies. For example, Forward Industries (FORD), originally a medical and technology design company, recently raised $1.65 billion through private financing, using the proceeds to purchase SOL as a reserve.
Galaxy Digital (GLXY), Jump Crypto (which serves as both a market maker and venture capital fund), and Multicoin Capital provided financing for Forward Industries. Multicoin Capital is known for its early investments in Helium (HNT), Filecoin (FIL), Solana, and Polkadot (DOT). According to DeFi Development Corp, a treasury company focused on Solana, it holds over 2 million SOL, valued at over $460 million.
Blockchain asset management firm Pantera Capital announced on Monday the launch of a new Solana treasury product supported by Nasdaq-listed Helius (HSDT). The initial private placement of $500 million is co-led by Hong Kong licensed fund management company Summer Capital, with the scale expected to expand to over $1 billion, according to a press release.
Another positive factor for SOL may come from a proposed open-source cross-chain bridge project aimed at establishing interoperability between Solana and Base. Base is an Ethereum Layer 2 network developed by Coinbase. Nansen data shows that Base has over 20 million active addresses within 30 days. The bridge will allow users to transfer assets across chains, and according to Base founder Jesse Pollak, it will build a more "interoperable and interconnected" ecosystem.
The Trump-backed crypto project World Liberty Financial (WLFI) also announced on Monday a partnership with the Solana meme token platform Bonk.fun and Raydium DEX to fund "millions of dollars in promotional rewards." This initiative targets USD1 stablecoin-related trading pairs, and it is claimed that WLFI tokens are fully backed by US dollars and cash equivalents.
Considering the growth of on-chain activity in Solana, the continued accumulation of SOL by corporate treasuries, and the exposure brought by the Base cross-chain bridge and WLFI project, traders believe the market has conditions for further upside. If SOL rises to $300, the total market capitalization will reach $163 billion, still 70% lower than Ethereum's valuation of $543 billion, making this target feasible in the short term.
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