Solana's SOL Token Surges Past $100 Amid Institutional Buying Frenzy
Solana's SOL token has experienced a significant price surge in August, reclaiming the $100 threshold and marking its strongest month since early 2024. The token has gained over 24% in the last week and 43% across the past 30 days.
The institutional buying activity is one of the key drivers behind this rally. DeFi Development Corp (DFDV), a prominent holder of Solana treasury assets, acquired 19,000 SOL tokens at an average entry price of $98.14. This purchase brings DFDV's total holdings to slightly above 2.3 million tokens.
A single whale wallet accumulated approximately $13.2 million in SOL within the last seven days, further reinforcing the bullish momentum. Technical analysts have identified $120-$130 as the next critical resistance zone, with extended upside toward $150.