Solana Hits $100B Market Cap Faster Than Google and Apple

Solana blockchain is once again making headlines with its market cap crossing $100 billion. Market analysts are celebrating this milestone as the blockchain took only 4.5 years to reach here. This is much faster in comparison to tech giants like Facebook, Apple, Google, and Amazon. SOL price is also showing strength, surging 6% in the last 24 hours, and is currently trading at $216.

Solana Overtakes Google, Apple In Hitting $100 Billion Milestone

The Solana blockchain network has hit the $100 billion milestone in a span of just 4.5 years, with a strong SOL price rally over the past month. Solana has reached a $100 billion market capitalization in just 4.5 years, outpacing the timelines of major tech giants. By comparison, Google took seven years to achieve the milestone, while Apple required three decades

As of now, SOL is competing with BNB Coin, for the fifth spot on the list of largest cryptocurrencies by market cap. This massive upside comes as the demand from SOL Treasury companies has been on the rise.

Last week, DeFi Development Corp (NASDAQ: DFDV) revealed its $165 million SOL treasury plan. Earlier today, another Nasdaq-listed firm, Forward Industries (NASDAQ: FORD), joined the bandwagon.

Forward Industries (NASDAQ: FORD) announced that it has secured $1.65 billion in cash and stablecoin commitments to establish a Solana-focused digital asset treasury. The funding was raised through a private investment in public equity (PIPE) round led by Galaxy Digital, Jump Crypto, and Multicoin Capital.

SOL Price Eyes Major Breakout

Crypto analyst MacroCRG noted that Solana (SOL) has just recorded its highest weekly close in 32 weeks, while also forming an inside-week pattern. He highlighted that the price is currently contracting on declining volume. Thus, the analyst suggests the potential for a decisive breakout in the coming week.

Market analysts believe that an SOL price breakout could lead to a strong rally of more than 100% and beyond. As of now, the altcoin has been testing its previous all-time highs and is forming a classic cup-and-handle pattern on a multi-year chart. As a result, a breakout from here could trigger a rally to $600, per some analysts.

The SOL price gains over the past month have been fueled by rising demand in the derivatives market. Besides, the futures open interest climbed to $12.9 billion at press time, up from $9.5 billion a month earlier. Additionally, the weighted funding rate has stayed positive since August 7, indicating sustained bullish sentiment among derivatives traders toward SOL’s short-term outlook.

Solana’s Institutional Demand Rises

A key factor that could fuel SOL price momentum in the coming days is the upcoming Nasdaq listing of SOL Strategies. The move to a major U.S. exchange marks a milestone expected to boost the company’s visibility and fundraising capacity.

SOL Strategies is among the largest institutional holders of Solana, with more than $87 million in SOL tokens currently under management. The firm has also outlined plans to raise up to $500 million to expand its holdings further.

At the same time, several Solana ETF applications are under review by the U.S. Securities and Exchange Commission (SEC). If approved, the products could provide broader institutional access to Solana and drive substantial capital inflows into the asset.