Solana Price Prediction as Galaxy Digital, Multicoin, Jump Crypto Eye $1B SOL Buy

Key Insights:

• Galaxy Digital, Multicoin Capital, and Jump Crypto announce plan to raise $1 billion for SOL treasury.
• Analysts suggest holding SOL until $360 as Solana price to build upside momentum amid technical chart strength.
• Solana continued to lead all L1 and L2 blockchains in network revenue for the 23rd consecutive week.

Solana price rally prospects are gaining steam as Galaxy Digital, Multicoin Capital, and Jump Crypto plan on raising $1 billion for SOL corporate treasury.

SOL price fell 3% below $200 due to a broader crypto market selloff on Monday. However, analysts remained upbeat and expect Solana to rally post $300.

Solana Price Set for a Major Rally?

In an X post on August 25, popular analyst Ali Martinez shared his bullish prediction on Solana price. He predicted SOL to hit $222 if the price breaks above $211.

In the 30-minute and hourly timeframe, $211 remained a key resistance level for traders to break. While, $200 is the key support level to watch.

However, traders will look to buy under $195, a Fibonacci golden zone. Ali Martinez suggested holding Solana until $360.

Whales are buying long positions on Solana below $200. Moreover, institutional inflows into Solana stayed high in anticipation of spot Solana ETF approval.

Galaxy Digital, Multicoin Capital, and Jump Crypto Target $1 Billion Solana Treasury

Mike Novogratz’s Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly in discussions with investors to secure $1 billion for establishing a corporate Solana treasury, Bloomberg reported on August 25.

This would establish the most extensive Solana-focused treasury to date. The companies tapped Cantor Fitzgerald as the lead banker for the deal.

Moreover, the Solana Foundation has endorsed the move, which aims for completion by September. The institutional conviction in Solana underscores growing confidence in its ecosystem.

Sharps Technology, DeFi Development, Sol Strategies, and other public companies adopted Solana strategic reserve plan.

Sharps Technology revealed a $400 million private placement to establish the largest Solana Treasury. It also signed a deal with the Solana Foundation to buy $50 million SOL at a discount rate.

Moreover, Solana leads all L1 and L2 blockchains in network revenue, turning investors more bullish on Solana price. It recorded $15.95 million in network revenue for the 23rd consecutive week.

Solana (SOL) Price Performance

Solana price fell more than 3% in the past 24 hours, but up 8% in a week. The price was trading near $198, with a 24-hour low and high of $195.39 and $213.02, respectively.

Furthermore, the trading volume has increased by 88% in the last 24 hours, indicating a massive interest among traders.

In the daily timeframe, the price is above the 50-SMA, 100-SMA, and 200-SMA at the time of writing. Whereas the Relative Strength Index (RSI) drops to 56, signaling potential for an upside move.

Also, a recent golden cross pattern formation in the daily timeframe will support a further rally in SOL price.

CoinGlass data showed mixed sentiment in the derivatives market. At the time of writing, the total SOL futures open interest dropped 2% to $12.48 billion in the last 24 hours.

SOL futures OI on CME and Binance fell more than 4% and 7%, respectively. This signals negative sentiment among derivatives traders.