Solana Price Soars Above $100 as Institutional Buyers Flock In

Solana's price has surged in August, climbing back above $100 after months of weaker performance. The cryptocurrency is now up over 24% in the past week and 43% in the past month.

The rally has caught the attention of institutional buyers and large investors. DeFi Development Corp (DFDV), a leading Solana treasury firm, has confirmed it has resumed buying SOL. In fact, DFDV purchased 19,000 SOL at an average price of $98.14, adding to its already substantial holdings of over 2.3 million SOL.

The company plans to hold SOL as a long-term treasury asset and deploy it through staking and onchain treasury infrastructure. This move has been seen as a positive sign for the Solana ecosystem, suggesting that even large players believe in the project's potential.

Large wallet activity is also supporting the rally. A whale purchased roughly $13.2 million worth of SOL over the past week, with several large transfers originating from Binance. This kind of buying at a key technical level suggests larger participants are positioning into the recovery, not just reacting to short-term price movement.