Solana Buying Frenzy: Institutions Accumulate Over 200,000 SOL — A Signal of a Major Rally?

On May 6 (local time), crypto media outlet CoinGape reported that Canadian investment firm SOL Strategies and publicly listed company DeFi Dev Corp collectively purchased over 200,000 Solana (SOL) tokens within 24 hours, drawing significant market attention. The two firms aggressively accumulated SOL, investing approximately $29.4 million. SOL Strategies acquired 122,524 SOL at an average price of $148.96, totaling around $18.2 million. This purchase marks the first deployment from the $500 million convertible bond fund the firm announced at the end of April. SOL Strategies also stated plans for further accumulation. The firm now holds 391,782 SOL, currently valued at around $55.6 million.

DeFi Dev Corp also bought 82,404 SOL for $11.2 million, increasing its total holdings to 400,091 SOL. The company plans to stake the newly acquired tokens to validator nodes, aiming to generate native yield for its investors. Industry experts suggest that a “SOL accumulation race” between these two firms may be underway. Despite the large-scale purchases, Solana's price dipped 2% on the day, trading at around $143. However, its monthly gain remains above 24%, and 24-hour trading volume surged 18% to $2.41 billion, boosting expectations for a rebound. Notably, Solana’s network outlook has grown increasingly positive, as the explosive growth of Solana-based project PumpFun helped it surpass Ethereum in transaction fee revenue. CoinGape set a short-term price target of $300 for Solana and projected a potential long-term surge to as high as $750.