In This Article:
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Solana (CRYPTO: SOL) is trading 0.84% higher to $138.21 on Monday, continuing a measured uptrend after touching $142.65 in early trading. The token is up 3.55% over the past seven days and has gained 6.77% over the past month, outperforming most top-ten cryptocurrencies amid a string of bullish headlines.
Institutional Bet Signals Confidence in Solana Treasury Strategy
The latest spark for Solana's momentum came from a $100 million private investment led by crypto trading firm GSR into Upexi, Inc. (NASDAQ:UPXI), which announced plans to shift toward a Solana-based treasury strategy. Upexi, previously focused on consumer product distribution, said it would begin accumulating and staking Solana as part of a broader pivot to digital assets.
Don’t Miss:
-
New to crypto? Get up to $400 in rewards for successfully completing short educational courses and placing your first qualifying trade on Coinbase.
-
Trade crypto futures on Plus500 with up to $200 in bonuses — no wallets, just price speculation and free paper trading to practice different strategies.
GSR's involvement is notable. The firm cited Solana's speed, scalability, and developer ecosystem as core reasons for backing the strategy. Upexi shares surged nearly 500% on the news
Solana Surpasses Ethereum in Staking Market Cap
The bullish momentum also reflects Solana's strengthening position within the staking economy. According to StakingRewards, Solana's staking market capitalization briefly overtook Ethereum's, hitting $53.15 billion compared to Ethereum's $53.72 billion. That shift is driven in part by Solana's higher staking yield—8.31% compared to Ethereum's 2.98%—and the fact that 65% of its circulating supply is currently staked.
Whale Moves and Price Levels to Watch
Despite mixed views on staking security, institutional interest in Solana appears to be growing. Blockchain data shows a range of high-volume whale activity over the past week, including large withdrawals from exchanges and staking-related transfers. U.S.-listed firm Janover increased its Solana holdings to over $21 million and announced a partnership with Kraken to stake its assets.
On the technical front, SOL is facing resistance near $144, with a break above that range potentially opening the door to a retest of its March highs. Support is seen near $129—a level that held firm during recent volatility and remains a crucial floor in the event of a pullback.
Looking Ahead: Breakpoint, Developer Momentum, and Market Tailwinds
Solana continues to benefit from a string of network-level upgrades, including improvements to validator client diversity, progress on the QUIC data transfer protocol, and ongoing developer migration via Solang, a compiler that supports Ethereum's Solidity language.