Solana Surges as Institutions Pile In
Solana (SOL) has broken past a crucial $240 barrier, thanks to growing interest from big money players.
On Tuesday, Solana briefly dipped but held steady at $234.85.It had recently soared to an remarkable $249.12, marking its highest peak in eight months.
Helius Medical Technology sparked curiosity when it announced a $500 million treasury plan funded via private equity. Following this update,Helius saw its stock jump 140%,signaling a strong positive response.
Pantera Capitalâs founder,Dan Morehead,revealed an even more substantial commitment to Solana. His firm invested as much as $1.1 billion into SOL, labeling it their âbiggest betâ on blockchain. He believes Solana offers the most potential compared to other networks.
The DeFi scene on Solana also gained traction, largely due to memecoins. For example, Pump.fun achieved another milestone by hitting over $1 billion in daily transactions. This surge aligned well with an overall rise in memecoin trading.
- Pudgy Penguins (PENGU) rose 4%, reaching $0.03381 each and a market cap of $2.1 billion.
- Bonk (BONK) climbed 3.9%.
With forecasts hinting at imminent Federal Reserve rate reductions, riskier assets like cryptocurrencies stand to benefit greatly. Solana gains further as of Bitcoinâs rising value, pushing investors toward altcoins in hopes of bigger profits.
This dual boost helps not only Solanaâs price directly but also amplifies its DeFi activity and total locked value.
