After a summer drought, Solana has recently returned to dynamic price performance. The SOL price currently stands at $243, representing a 20 percent increase over the previous week. Among the top 10 coins in the crypto market, only Dogecoin achieved a better performance.

This bullish trend is based on a combination of strong fundamentals and growing interest from institutional investors. Current data shows that 17 Solana treasury firms now hold over 10 million SOL, valued at approximately $2.4 billion.

Just recently, Galaxy Digital alone acquired nearly 5 million SOL, valued at over $1.2 billion. The purchase is related to Forward Industries, which, following the example of Strategy for Bitcoin, aims to become the leading Solana strategy firm.

Furthermore, crypto investors are eagerly awaiting the imminent approval of Solana Spot ETFs. Although some applications have recently been postponed by the U.S. Securities and Exchange Commission (SEC), the probability of trading launching in 2025 is over 99 percent, according to the decentralized betting platform Polymarket.

Both spot ETFs and treasury firms could generate further billions in inflows for Solana in the coming weeks and months. Matt Hougan, Chief Investment Officer at Bitwise, therefore expects a “spectacular end-of-year spurt.”

Crypto chart analyst Ali Martinez is even more optimistic, pointing to a so-called “cup-and-handle” pattern on Solana, which he believes has indicated strong breakouts in the past.

If the momentum continues, he believes SOL could rise to more than $1,300. That would be more than five times its current level.

Nevertheless, the Solana blockchain has recently come under repeated criticism. One crypto developer pointed to a “fake it till you make it” approach because Solana’s transaction volume was significantly inflated by bot activity. Therefore, the ecosystem’s scalability could not be proven with transactions-per-second data.