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- Solana trades above $200 as a rare golden cross forms against Bitcoin, signaling potential major gains.
- DeFi Development expands its treasury to 1.83 million SOL worth $371 million.
Solana (SOL) sustained its recovery above the $200 level on Friday, trading at close to $209.95. The rare golden cross on the SOL/BTC chart has attracted attention and has been historically related to parabolic rallies.
The setup, which is characterized by the 50-day simple moving average passing over the 200-day SMA, has historically led to soaring profits. After a similar signal in early 2021, SOL increased by over 1,900% against Bitcoin. A repeat in 2023 contributed to a 1,000% run to $250 off of a $20 start.
Another possible trigger, as noted by market analysts, is the current trend. Ran Neuner noted that previous golden crosses aligned with major alt seasons, in which capital shifted from Bitcoin to high-beta tokens such as Solana. The recent performance of Ethereum over Bitcoin also reinforces the altseason theme.
Chart analysts point out that Solana is also forming an ascending triangle on the exchange at Coinbase, which is a bullish continuation structure. Since July 24, the formation has been building up with traders anticipating a breakout. The pseudonymous trader, Bluntz, argued that the pattern indicates a build-up of buying pressure following over one month of consolidation.
Additional background is given by the historic cycles of Bitcoin halving. Liquidity expansions and capital rotation typically accelerate more than a year after halvings. The April 2024 event places the current conditions in that timeframe, which is consistent with the bullish technical structure of Solana.
DeFi Activity Hits New Highs
Solana’s fundamentals also seem to be favorable. According to DeFi Llama, total value locked (TVL) of the decentralized finance protocols operating on its network has reached $11.7 billion, its peak as of January 2025.
DeFi protocols like Kamino have been positively impacted by the increase in user participation, with investors turning more and more to Solana-based networks to lend, borrow, and trade. The TVL surge highlights increased trust in the ecosystem and helps to boost price momentum.
The network had crossed $10 billion in July, a drastic turnaround after falling earlier in the year. The trend indicates that capital not only comes back to Solana but also speeds up as other upgrades are implemented.
Institutional Treasury Strengthens Position
DeFi Development Corp. has increased its Solana ownership as a key strategic initiative. The company bought 407,247 SOL, valued at approximately $77 million, making its total treasury over $1.83 million tokens, with a valuation of about $371 million.
This acquisition was supported by the proceeds of a recent equity raise, and $40 million is allocated to future acquisitions. This transaction brought the company 29% more than it had in its Solana treasury, making it one of the greatest corporate holders.
That purchase raised the Solana-per-share ratio of DeFi Development to 0.0864, or $17.52 in SOL per share outstanding. The number of shares circulating in Solana reaches 21 million, and potential exercises of warrants suggest an increase in institutional trust in the asset.
