🚀 Solana Blasts Past $200: Institutional FOMO Fuels Crypto’s Next Leg Up
Wall Street's blockchain love affair just got steamier. Solana—the so-called 'Ethereum killer'—shattered the $200 barrier as institutional money floods into crypto's high-performance darling.
### The Institutional Pump Is Real
Hedge funds and asset managers are diving in headfirst, treating SOL like the Nasdaq's rebellious younger sibling. Trading desks report order books thickening faster than a VC's pitch deck during a bull run.
### Liquidity Begets Liquidity
The $200 breakout triggers algorithmic traders' FOMO circuits. Market makers widen spreads, then immediately narrow them when the volume surge hits—classic crypto whiplash economics.
Meanwhile, Bitcoin maximalists grumble into their proof-of-work mining rigs. 'But the tokenomics!' they cry, between calculating their unrealized losses. The market, as always, votes with its wallet.
DeFi TVL rises
Meanwhile, Solana’s decentralized finance ecosystem is also experiencing significant growth.
Data from DeFiLlama shows that total value locked (TVL) in SOL terms hit more than 58 million tokens this week, marking the highest level in over three years.
Moreover, the dollar value of assets locked on the network has exceeded $11 billion for the second time this year, a milestone last reached in January.
At the same time, Solana’s decentralized exchange (DEX) activity has also maintained its lead over ethereum for ten consecutive months.
Solana treasury companies
In addition to the current market trends, institutional activity appears to be supporting Solana’s gains.
As of the end of July, CoinGecko reported that Upexi, Inc. has emerged as the largest publicly traded holder of Solana, with 1.9 million SOL acquired at an average price of $168.63. These holdings are currently valued at $319.5 million.
Close behind is DeFi Developments Corp, which owns 1.18 million SOL purchased at an average of $137.07, now worth $198.9 million. This reflects an unrealized profit of approximately $36.8 million.
In addition, Toronto-based SOL Strategies holds 392,667 SOL, bought at an average of $158.12, representing an unrealized gain of about $3.9 million. Torrent Capital, while maintaining a smaller position of 40,039 SOL acquired at $161.84, is also in profit by roughly $200,000.
In total, these four firms collectively control over 3.5 million SOL, with a combined market value exceeding $591 million.
This represents about 0.65% of the circulating supply, underlining the growing appetite among publicly listed companies for Solana exposure and highlighting increasing institutional confidence in the asset’s long-term potential.
