Solana (SOL) has emerged as a powerhouse in the cryptocurrency arena, recently overtaking Binance Coin (BNB) to claim the fifth position in terms of market capitalization.
As of September 12, 2025, SOL is trading at an impressive $237.90, resulting in a market capitalization of approximately $126.4 billion. This upward trend represents a remarkable 6.8% increase in just 24 hours, alongside a weekly growth of over 15%, fueled by heightened institutional interest and dynamic on-chain activities.
Experts highlight three primary factors driving Solana’s significant rise: the upcoming Nasdaq listing focused on Solana, increased speculation surrounding spot ETFs, and ongoing enhancements to the network that position it as a formidable rival to Ethereum.
Galaxy Digital’s Major Investment in Solana
A crucial factor in this rally is Galaxy Digital’s recent purchase of 2.31 million SOL tokens, totaling nearly $536 million within a single day. Blockchain records confirm transactions from major exchanges like Binance, Coinbase, and Bybit to wallets controlled by Galaxy, sparking speculation about the company’s strong commitment to Solana’s growth trajectory.
This acquisition follows Galaxy’s role in a substantial $1.65 billion private placement for Forward Industries (NASDAQ: FORD), which is now pivoting towards a Solana-based digital asset treasury. In response, Forward’s stock surged by 135% over five days, reflecting investor optimism.
Mike Novogratz, CEO of Galaxy, declared the beginning of a “Solana Season,” attributing this to advancements in regulation, growing ETF prospects, and Solana’s unparalleled scalability as key drivers for aggressive accumulation.
Growing ETF Prospects and Robust Network Expansion
The excitement surrounding ETFs significantly enhances Solana’s attractiveness. Current reports indicate there’s a 90% likelihood of Solana’s ETF approval by the end of 2025, with submissions from VanEck and Fidelity currently under review. With staking rewards hovering around 7%, analysts consider Solana perfectly positioned to appeal to yield-based ETF formats.
Simultaneously, the foundational metrics of Solana’s network remain strong. August statistics reveal 58 million monthly active users and a total value locked (TVL) of $15.3 billion, driven by significant activity in DeFi, NFTs, and trending memecoins.
Recent updates, such as the Alpenglow upgrade and the forthcoming Firedancer client, are anticipated to enhance scalability and minimize network congestion.
With institutional investments pouring in, significant ETF approvals looming, and technological improvements enhancing performance, Solana’s upward momentum seems set to continue. Analysts are now speculating on price targets between $300 and $400 in the upcoming months, contingent on sustained bullish market conditions.
Cover image sourced from ChatGPT, SOLUSD
