Solana Surges Past Bitcoin and Ethereum Following $77 Million Investment by DeFi Development Corp.
In a significant development within the cryptocurrency landscape, Solana (SOL) has outperformed both Bitcoin (BTC) and Ethereum (ETH) following a substantial investment by DeFi Development Corp. (DFDV). This surge on Thursday, in 2025, marked a notable shift as institutional interest continues to grow in the cryptocurrency space.
On the day of the announcement, SOL saw an impressive increase of nearly 4%, making it the leading performer among large-cap cryptocurrencies. In contrast, Bitcoin and Ethereum experienced slight declines of 0.13% and 0.91%, respectively. This uptick in Solana’s value saw it break past its previous price resistance level, reaching a high of $216, a significant achievement for the sixth-largest cryptocurrency by market capitalization.
The momentum generated by this rally has also invigorated the derivatives market, with open interest in SOL futures experiencing a remarkable 10% increase, reaching an all-time high of $13.96 billion, according to Coinglass. This spike indicates growing confidence among traders regarding Solana’s future prospects.
Renowned cryptocurrency analyst and trader Ali Martinez has highlighted Solana’s breakout from an Ascending Triangle pattern, a bullish continuation pattern characterized by a horizontal resistance level and a rising trendline. Martinez has set a target of $300 for SOL, projecting potential growth beyond its previous all-time highs.
This surge follows DeFi Development’s acquisition of 407,247 SOL, valued at approximately $77 million, which has boosted its total holdings to 1,831,011 SOL, worth over $394 million at current prices. The purchases were financed through capital raised from a recent equity offering, with more than $40 million in net proceeds still available for future investments in Solana, as stated in a recent press release.
Publicly traded companies are increasingly adding SOL to their corporate treasuries, collectively holding about 8.69 million SOL, valued at $1.87 billion, according to data from Strategic SOL Reserve. As of now, Sharps Technology Inc. (STSS) stands as the largest holder of SOL, followed closely by Upexi Inc. (UPXI) and DeFi Development.
As of the latest market updates, SOL is trading at $215.29, reflecting a 3.93% increase within the last 24 hours, according to Benzinga Pro. Meanwhile, shares of DeFi Development rose by 0.36% in after-hours trading, following a notable 7.93% increase during the regular trading session, closing at $16.47.
As stated by Benzinga, “Public companies have begun piling into SOL for their corporate treasuries, collectively holding about 8.69 million SOL, worth $1.87 billion.”
Investors and market enthusiasts are encouraged to stay informed about these developments as they may indicate a broader trend of institutional adoption within the cryptocurrency market. For more detailed insights and metrics on stocks and cryptocurrencies, visit Benzinga Edge Stock Rankings.
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