Solana Price News: SOL Gets Its First Billionaire Treasury – Is $300 On the Table?

Solana (SOL) has outperformed its peers in the top 5 in the past 30 days with a 28% gain and its ecosystem has received a huge credibility boost after a publicly traded company launched a billionaire bet in this cryptocurrency.

Forward Industries (FORD) just announced that it closed a $1.6 billion private placement to launch a Solana treasury. The initiative was backed by top venture capitalists like Galaxy Digital and Jump Crypto and constitutes the largest treasury initiative focused on SOL that has been launched to date.

“Today’s milestone underscores our belief among leading institutional investors that Solana belongs at the center of global capital markets. With the support of Galaxy, Jump Crypto, and Multicoin, I believe Forward Industries is uniquely positioned to accelerate this future,” commented Kyle Samani, the co-founder of Multicoin Capital.

Samani was appointed Chairman of the Board of Directors of Forward Industries after the PIPE financing round was closed.

A treasury company like this offers exposure to Solana through a regulated financial instrument – Forward’s stock in this case.

Meme Coins Proved Solana’s Technical Capabilities

These deals are being used as a more expedited alternative to invest in altcoins as the U.S. Securities and Exchange Commission (SEC) has taken a long time to approve spot exchange-traded funds (ETFs) that offer exposure to these tokens through the public markets.

Solana Treasury Companies – Source: CoinGecko

Other firms like SOL Strategies, Upexi, and DeFi Development Corp, all of which have raised hundreds of millions to invest in the native asset of the Solana network.

However, this has been the largest capital injection that SOL has received from a single company and it is a clear sign that institutional adoption and interest for these tokens is growing rapidly.

SOL has gone up by 2.3% on the news and trading volumes have increased above $8 billion, currently accounting for 7% of the asset’s circulating supply. Whenever volumes exceed $10 billion for SOL, the price starts to move to new territory.

The Solana ecosystem has been progressively expanding, primarily due to the growing popularity of meme coins. Top tokens in this category like Bonk (BONK), Pudgy Penguins (PENGU), and Fartcoin (FARTCOIN) have performed positively this year and have been in the spotlight for potential ETF launches even.

Meanwhile, the growing popularity of launchpads like Pump.fun has resulted in higher transaction volumes to the network. Recently, this project launched its native asset, $PUMP, and raised $500 million in just a few minutes through its initial coin offering (ICO).

The network has proven that it can be a safe and scalable alternative to deploy decentralized apps (dApps) and its lower transaction costs compared to Ethereum have made it a real competitor to the top altcoin.

SOL Breaks Out of Consolidation and Sets Eyes on $300

The Solana community recently passed a proposal to implement the Alpenglow upgrade – a technical upgrade that will dramatically increase transaction processing speeds to Internet-like levels.

This could set the stage for faster adoption of Solana by companies seeking to develop blockchain-based solutions. With billions of dollars being invested into this ecosystem by treasury companies like Forward Industries, it seems that the smart money is supporting a bullish outlook for Solana.

SOL/USD Daily Chart (Coinbase) – Source: TradingView

In our latest Solana price prediction, we anticipated that a move out of the token’s latest consolidation could set off a rally toward the $270 area.

That bullish breakout has already happened and SOL is now on track to hit that target as bullish momentum accelerates. Today, the market is setting its eyes on the release of inflation data. However, after an encouraging surprise yesterday in the Producer Price Index (PPI), we may expect a positive reaction if inflation in August turned out to be lower than analysts expected.

Meanwhile, market conditions are favorable as the Federal Reserve is expected to cut rates by 25 basis points twice – first during next week’s FOMC meeting and then in October.

At this point, the odds that SOL will retest its all-time high seem rather high. Meanwhile, a bullish breakout above this level would set off an even stronger move toward $375 in the near term as altcoin season continues.