Solana (SOL) has risen over 16% this week, reaching $238 – its highest level since January, after it briefly peaked at $294 during the TRUMP memecoin craze. After a sharp correction caused by memecoin scams and large token unlocks in Q1, the recent price action signals a shift in sentiment. SOL is now trading just below the last major resistance before retesting its all-time high.
Institutional Accumulation Behind the Move
Recent price momentum appears closely tied to institutional buying. Galaxy Digital, Jump Crypto, and Multicoin Capital have led a $1.65 billion investment into Forward Industries, which is pivoting into a Solana-focused digital asset treasury company. Onchain data shows Galaxy alone has withdrawn over $530 million worth of SOL from exchanges over the past 24 hours, likely to support this strategy.
Forward Industries confirmed that it has closed the private placement and begun acquiring SOL with the proceeds. Its stock surged 135% this week, reflecting market interest in Solana’s treasury narrative.
On-Chain Metrics Support the Trend
Alongside the price increase, key blockchain metrics are strengthening. Solana’s total value locked (TVL) is approaching $13 billion – an all-time high – reflecting renewed activity across DeFi protocols, staking, and on-chain services.
Wallets holding over 100,000 SOL have increased their share of supply since August, and the Smart Money Index, which tracks high-conviction wallets, is rising. Meanwhile, futures open interest has more than tripled since August, and a significant drop in exchange outflows suggests reduced short-term selling pressure.
Read also: Why Not Staking Your Solana Might Be Costing You Money
$238 as Key Level Before All-Time High
From a technical standpoint, $238 is the last significant resistance before a possible push toward the $290–$300 zone. If the price can hold above this level, it would signal a potential shift toward a full recovery. However, some data suggests unrealized profits are near multi-month highs, raising the chance of short-term pullbacks if holders choose to take profits.
