- Solana rises 17% for the week, eyes $300 as institutional demand increases
- Galaxy Digital purchased $326 million in SOL for Multicoin, with an additional $1 billion in cash available
- $250 remains a key inflection point for Solana; a decisive breach could retest the $295 ATH soon
Solana (SOL) is closing one of its strongest weeks of 2025, gaining roughly 17% over the past seven days.
Among the top 20 crypto assets by market capitalization, only Dogecoin and Hyperliquid outperformed SOL during this period.
The rally pushed SOL to its highest weekly candle since January, sparking renewed speculation about the prospect of a move toward the $300 level.
Trading about 15% below its all-time high of $295, Solana is drawing attention for its technical resilience and rising institutional support.
Futures and spot data show a healthy market structure
According to CoinGlass, Solana’s futures open interest (OI) hit a record $16.6 billion on Friday.
Despite this surge, perpetual funding rates have remained stable, suggesting positions are not excessively levered.
That balance implies the market has room to extend gains further if momentum continues.
Market-structure metrics strengthen the bullish case.
Net taker flow is heavily buy-sided, indicating more aggressive buyers are entering positions.
At the same time, aggregated futures cumulative volume delta (CVD) has stayed relatively flat, implying buying and selling pressure in futures is balanced even as OI reaches new highs.
Crucially, spot CVD has been climbing, suggesting the rally is being driven more by spot market demand than by futures—an often-healthier dynamic for sustainable growth.
From a momentum perspective, Solana’s relative strength index (RSI) also looks constructive.
During prior rallies toward $295, SOL’s RSI entered overbought territory, raising the risk of a sharp pullback.
This time, RSI has not reached those extreme levels, leaving room for the uptrend to extend before encountering major technical resistance.
Institutional interest and key technical levels
Institutional activity is another major driver behind Solana’s recent strength.
Arkham Intelligence reports Galaxy Digital began executing a large purchase program of SOL on behalf of the Solana Designated Allocation Trust (DAT) for Multicoin Capital.
On September 12, Galaxy bought $326 million worth of SOL on behalf of the trust.
The vehicle still holds $354 million in stablecoins and up to $1 billion in cash that could be deployed for additional purchases.
This development follows Forward Industries’ disclosure of a $1.65 billion SOL treasury backing—supported by Galaxy Digital, Jump Crypto, and Multicoin Capital.
As the first Nasdaq-listed company to raise institutional capital to allocate directly on Solana, Forward’s move underlines growing corporate adoption.
Technically, $250 remains a crucial pivot for SOL.
That level has acted as a multi-year resistance zone, capping rallies in 2021, November 2024, and January 2025.
In each instance Solana traded between roughly $275 and $295 before pulling back to close near $250, underscoring the importance of this threshold for profit-taking dynamics.
Analysts note that a strong weekly close above $250 followed by consecutive weekly closes higher could shift market sentiment toward retesting the $295 all-time high and open the door to price discovery north of $300 in Q4.
The presence of a Solana Strategic Reserve, often compared to institutional liquidity supports seen with Ethereum, may act as a buffer against rapid reversals.
By providing institutional-grade liquidity, the reserve could change how the market reacts to traditional resistance levels and potentially smooth out future breakouts.