Solana’s price is now in the spotlight after Canadian publicly traded company Sol Strategies took the bold step of investing $5,053,303 in purchasing 23,374 SOL.
The acquisition was made between January 31 and February 7 this year. Notably, each SOL costs an average of $207.33, including fees and expenses.
Sol Strategies Accumulations Moves From Bitcoin to Solana
As a result of its recent acquisition, the Toronto-based company now holds a total of 214,342 SOL.
This entire holding was purchased for approximately $39.5 million but is now worth $43.4 million, based on the current Solana price. At the time of writing, SOL price was trading at $203.81 with a 1.06% gain within the last 24 hours.
Sol Strategies took this step in a bid to expand its investment portfolio. The firm has moved from accumulating Bitcoin to stashing SOL.
This latest acquisition comes only a week after some sources mentioned that the firm purchased 40,300 SOL. Per the report, Sol Strategies bought these coins for approximately $9.9 million between January 19 and January 31. At the time, its SOL holdings moved to 189,968 SOL.
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Noteworthy, Sol Strategies achieved most of these acquisitions through the sales of convertible debentures.
Solana ETF Push by Asset Managers
Meanwhile, the broader cryptocurrency sector is anticipating the approval and eventual launch of spot Solana Exchange Traded Funds (ETFs).
Several investment asset management firms, including VanEck, 21Shares, Canary Capital, and Bitwise, have filed their applications with the United States Securities and Exchange Commission (SEC).
They seek approval to list the fund and give retail and institutional investors ‘guided’ or regulated exposure to SOL.
Just before 2024 ended, Bitwise officially declared its plans to file an S-1 application for spot SOL ETF.
Shortly after, Tuttle Capital Management also filed a similar application with the US SEC. Still, in this case, the firm sought a leveraged crypto ETF that tracks the performance of Solana, XRP, Cardano, and Chainlink.
As a first of its kind, it also made a push for Polkadot (DOT), and the memecoins TRUMP, MELANIA, and BONK. Thus far, more asset managers due to the positive crypto atmosphere in the United States.
Donald Trump’s administration has relieved the broader crypto ecosystem by introducing the first Executive Order favoring the sector.
On this premise, netizens expect that the SEC would be less strict with the approval process of crypto ETFs. For now, the regulator has confirmed the applications of some issuers, a show of progress on these crypto ETFs.
Where is Solana Price Heading?
Despite the uncertainty surrounding the approval of spot SOL ETFs, Solana price has been on a recovery trend.
Just before the token hit its current price level, renowned crypto analyst Ali Martinez noted that the price of Solana has maintained its position within a parallel channel structure along its lower boundary between $185 and $193.
He suggested that the digital asset exhibits resilience for its upper and lower boundaries within this structure.
Therefore, the crypto analyst predicted that SOL will rise toward the $387 resistance target if it stays above its support area.
VanEck, one of the potential issuers of spot SOL ETFs, is more optimistic about a Solana price rally. It noted that the SOL price could hit $520 by the end of 2025.
