SOL Breaks $230, Touches $240 for First Time Since January – Is Solana Season Finally Here?

Solana (SOL) surged to $240 for the first time since January, with its market capitalization reaching a new all-time high of $126 billion to overtake BNB as the fifth-largest ￰0￱ rally gained momentum as institutional investors poured billions into Solana treasury strategies while Galaxy Digital CEO Mike Novogratz declared the market is entering a “ season of Solana .” Corporate treasuries now hold 6.49 million SOL tokens, with rapid expansion accelerating institutional ￰1￱ Digital acquired 2.31 million SOL worth $536 million through transfers from major exchanges, fueling speculation about coordinated accumulation strategies across multiple institutional players.) September 11, 2025 The company is raising $300 million to build one of the largest corporate SOL ￰2￱ ￰3￱ also emerged as one of the largest corporate holders with over 2 million SOL valued at $447 million, generating $142 million in unrealized ￰4￱ company reports daily staking rewards of approximately $105,000 through its 8% annual yield strategy.

Canada-based SOL Strategies began Nasdaq trading under ticker STKE with $94 million in treasury holdings, becoming the first U. S.-listed Solana-focused public ￰5￱ firm manages 3.62 million SOL under delegation with record participation from nearly 9,000 ￰6￱ Estate Continues Monthly SOL Liquidations Despite Rally Amid these brewing SOL accumulation, Bankrupt crypto firms FTX and Alameda withdrew 192,000 SOL tokens worth $44.9 million from staking, continuing a pattern of monthly redemptions since November ￰7￱ estate has unstaked nearly 9 million SOL valued at $1.2 billion over the past year, averaging $134 per ￰8￱ ongoing liquidations, FTX still holds 4.18 million SOL worth $977 million in staked ￰9￱ estate prepares for its third creditor repayment round on September 30, having returned $6.2 billion to former users through previous distributions processed by BitGo, Kraken, and ￰10￱ Arrows Capital liquidators subpoenaed former FTX executives, including Sam Bankman-Fried, over allegations that $1.5 billion in 3AC assets were liquidated unlawfully.

Bankman-Fried’s deposition is scheduled for October 14 at Terminal Island prison, where he serves a 25-year sentence for defrauding customers of $11 ￰11￱ liquidation pressure from FTX estate sales has not deterred institutional investors from ￰12￱ sentiment on social media turned increasingly bullish, with predictions ranging from $300 to $2,000 as SOL breaks key resistance levels. $SOL $238 to $1000 — MartyParty (@martypartymusic) September 12, 2025 Technical Analysis Points to Continued Upside Momentum SOL’s breakout above $230 validates an ascending channel structure that provided support throughout its advance from $87. The token currently tests critical resistance at $240-250, which are technical levels from both short and long-term chart ￰13￱ charts reveal a complex W formation on the weekly timeframe, with projections toward $258 to complete the pattern.) September 11, 2025 However, Cumulative Volume Delta indicators show negative readings during recent advances, suggesting potential institutional distribution occurring alongside price ￰14￱ it stands now, the immediate challenge involves clearing the $240-250 resistance zone ￰15￱ above this confluence area would likely trigger momentum-based buying toward projected targets, supported by strong fundamental adoption metrics and continued institutional ￰16￱ the short term, technical evidence supports continued bullish momentum toward the $250-258 resistance, with the ascending channel structure and potential cup-and-handle breakout providing frameworks for higher ￰17￱ clearance of the $240-250 zone could drive SOL toward $300, though increased volatility is expected in these price discovery areas.