Solana (SOL) Emerges Silent Killer, Overtakes BNB for 5th Spot

Key Insights:

• Daily trading volume for Solana spiked 63% to $14 billion, with search interest for “Buy Solana” rising sharply.
• Nasdaq-listed DeFi Development Corp (DFDV) added 141,383 SOL worth $198 million to its treasury, pushing its total holdings to nearly 1 million SOL.
• With futures open interest rising 7.5% to $11.74 billion and strong institutional demand, analysts believe SOL’s rally is far from over.

While Ethereum (ETH) and XRP are grabbing most of the headlines for the altcoin market rally, Solana (SOL) emerges as a silent killer, making its way to the top five digital assets, unseating BNB Coin for the 5th position. The Solana price is up 4.26% today, trading at $200, with a massive 63% surge in daily trading volume to $14 billion. If the bulls manage to hold above $200, SOL could be gearing for strong upside here.

Solana (SOL) Price Hits Five-Month High

Solana price has once again clinched the $200 mark for the first time since February 2025, thereby hitting a five-month high. As it hits $100 billion market cap once again, market analysts are bullish that SOL rally could continue from here onwards, to fresh all-time highs past $280.

Search interest for the term “Buy Solana” is once again spiking on Google, signaling renewed retail enthusiasm for the Solana blockchain’s native token, SOL. The last time this level of interest was observed, SOL experienced a sharp upward rally, prompting speculation that history may repeat itself.

Along with the SOL price rally to $200, the Solana futures open interest has also surged more than 7.5% to $11.74 billion, suggesting strong institutional interest for the altcoin.

Institutional Purchases of Solana Triggers Rally

Institutional purchases for SOL have surged, with strong demand for building their own Solana Treasury. On Monday, Nasdaq-listed DeFi Development Corp (NASDAQ: DFDV) announced the purchase of 141,383, worth $198 million, as part of the company’s treasury. As a result of this, the company’s total SOL holdings have reached 999,999 SOL.

According to DeFi Development Corp, the latest acquisition comprised spot market purchases, discounted locked SOL, and 867 tokens accumulated through staking rewards, validator income, and other on-chain activities. In a message on the X platform, the company noted:

DeFi Development Corp reported that it has raised $19.2 million in net proceeds so far this month through the issuance of 740,000 shares of common stock. The company noted that it still has $5 million in reserve for additional Solana (SOL) purchases. Based on current market prices, the remaining funds could acquire at least 24,752 SOL.

Following this announcement on late Monday, the DFDV stock price surged by 6.5% in the pre-market hours on Tuesday. After revealing the Solana treasury plans in April 2025, the stock is already up by 2700%, and currently trading at $23.52.

Where Will SOL Price Go In Q3 2025?

Solana (SOL) has surged past the $200 mark in Q3, aligning with earlier predictions made by market watchers. Despite the strong rally, some analysts believe the momentum isn’t over yet.

Popular crypto market analyst Ted noted that SOL could climb above $250 before the end of the quarter, as bullish sentiment continues to drive demand.