- Solana posts 17% weekly gain, eyeing $300 as institutional demand grows.
- Galaxy Digital buys $326M SOL for Multicoin, with $1B more cash to deploy.
- $250 remains Solana’s key pivot; a breakout could retest $295 ATH soon.
Solana (SOL) is closing one of its strongest weeks of 2025, recording a 17% gain over the past seven days.
Among the top 20 crypto assets, only Dogecoin and Hyperliquid have outperformed it.
The rally positions SOL for its highest weekly candle close since January, fueling speculation of a potential move toward the $300 level.
Currently trading about 15% below its all-time high of $295, Solana has drawn attention for its technical resilience and rising institutional support.
Futures and spot data show healthy market structure
According to CoinGlass, Solana futures open interest (OI) hit a record $16.6 billion on Friday.
Despite this surge, perpetual funding rates have remained stable, indicating that positions are not excessively leveraged.
This balance suggests the market still has room for further upside if momentum continues.
Market structure data adds to the bullish case.
Net taker volume has leaned buy-heavy, signaling more aggressive buyers entering positions.
At the same time, aggregated futures cumulative volume delta (CVD) has stayed flat, suggesting long and short positions are well-balanced despite record OI levels.
Importantly, spot CVD is climbing higher, pointing to a rally driven by spot markets rather than futures—a dynamic often viewed as healthier for sustained growth.
From a momentum standpoint, relative strength index (RSI) data is also notable.
In previous rallies near $295, Solana’s RSI entered overbought territory, raising the risk of sharp pullbacks.
This time, RSI has not reached those extremes, leaving room for the rally to extend further before encountering significant technical resistance.
Institutional interest and key technical levels
Institutional activity has been another major driver of Solana’s recent strength.
Arkham Intelligence reported that Galaxy Digital has begun executing a large-scale SOL purchase program for Multicoin Capital’s Solana Designated Allocation Trust (DAT).
On September 12, Galaxy acquired $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, which could be deployed for additional purchases.
This development follows Forward Industries’ announcement of a $1.65 billion SOL-native treasury, supported by Galaxy Digital, Jump Crypto, and Multicoin Capital.
As the first Nasdaq-listed company to raise institutional capital for direct deployment on Solana, Forward’s move underscores the growing trend of corporate adoption.
From a technical perspective, $250 remains a crucial pivot point for SOL.
The level has served as a multi-year resistance zone, capping rallies in 2021, November 2024, and January 2025.
In each instance, Solana traded between $275 and $295 before retreating to close near $250, highlighting the significance of this level for profit-taking.
Analysts note that if SOL can close the week strongly above $250 and follow with consecutive closes above that threshold, sentiment could shift toward retesting the $295 all-time high and potentially entering price discovery beyond $300 in the fourth quarter.
The presence of the Solana Strategic Reserve, often compared to Ethereum’s institutional support, may also provide a buffer against sharp reversals.
By offering institutional-grade liquidity, the reserve could change the way the market reacts to traditional resistance levels.
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