Solana price is in a strong bullish trend this week as holders target the all-time high, helped by the ongoing accumulation by companies and the upcoming demand when the Securities and Exchange Commission approves spot SOL ETFs. SOL price was trading at $248 on Friday, a few points below the all-time high of $295.
SOL Treasuries Hit $3.3 Billion
Solana price continues its strong momentum as the deadline for most of the applied Solana ETFs nears. The agency has set the initial deadline for October 20th, with additional deadlines scheduled for the same week.
There are signs that the agency is setting the ground for these approvals after it publishes the standards for listings. Ideally, all altcoins with Coinbase futures will receive accelerated approval. This includes popular coins like Solana and XRP.
The other notable catalyst is that companies have continued to add Solana to their treasuries as they aim to replicate Strategy’s approach in its Bitcoin buying.
Solana buying differs from buying Bitcoin in that these companies also generate income from staking. Data shows that staking Solana yields approximately 8%, meaning that a company with $1.6 billion can expect to generate over $120 million in high-margin revenue annually.
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Data shows that there are 9 companies with Bitcoin in their treasuries. Forward Industries holds tokens worth over $1.69 billion. DeFi Development Corp holds tokens worth $520 million, while Upexi, Sharps, and Sol Strategies hold coins valued at over $501 million, $497 million, and 92 million.
All these Solana treasury companies hold tokens worth over $3.3 billion, a trend that will continue growing in the coming months.
Solana price will also benefit from the upcoming Alpenglow upgrade that will supercharge its throughput and make it one of the fastest layer-1 blockchains. It will be capable of processing over 107,000 transactions per second.
Solana Price Technical Analysis
The weekly timeframe chart provides a better picture of what is happening with the Solana price. This chart shows that the coin is currently in the process of forming the handle section of the cup-and-handle pattern, one of the top continuation sites.
This cup has a depth of approximately 95%, meaning that measuring the same distance from its upper side yields a target price of $526, which is significantly higher than its current value.
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