Whales Buying Solana Dip, Why SOL Price To $200 Is Possible
Solana price action is yet to see definitive recovery over the week as it trends lower after touching a high, crossing the $180.
Nonetheless, large investors and companies have continued buying Solana, pushing total holdings above $568 million.
Recent moves by whales and public firms suggest growing confidence in the network.
Notably, with the positive sentiments around Solana, some market participants believe that SOL could be heading toward the $200 mark.
Whales and Companies Keep Buying as Solana Holdings Grow
It is worth mentioning that Solana has seen fresh interest from big buyers in recent weeks.
On-chain activity showed a whale purchased $12 million worth of SOL through the Binance exchange.
Crypto watcher Ted Pillows shared that the funds were moved to Kamino Finance, where the tokens are being staked.
It is worth noting that this was just one of several large transactions made as the price of Solana joined the broader crypto market dip.
Across the board, more firms are adding Solana to their balance sheets and taking part in the network through staking and validator operations.
Upexi Treasury is now one of the largest holders, with over 2 million SOL valued at around $334 million.
In July, the company raised $200 million and bought 1.26 million SOL. Upexi’s treasury grew by more than 170% within a short period.
More recently, it secured a $500 million equity line to buy more SOL and cover other costs.
Bit Mining, a public company listed on the New York Stock Exchange under the ticker BTCM, has also joined the list of buyers.
It purchased 27,191 SOL for about $4.89 million. The company has also launched its first Solana validator, which is managed by an in-house team.
Similarly, the move came after an earlier plan announced on July 10 to raise as much as $300 million to support its Solana expansion.
Another firm, DeFi Development Corp (DFDV), increased its holdings by buying 110,466 SOL for $18.4 million.
The average price per coin was pegged at around $166. Its recent SOL stack now sits at $1.29 million, with the total portfolio now worth more than $216 million.
In addition, DFDV is spreading its SOL across different validators and recently raised $112.5 million to fund more purchases.
Solana for Long-Term Value Boost
It is worth mentioning that a number of public companies have started to treat SOL as a treasury asset.
They are not just buying and holding the token, but also operating validators and staking to earn network rewards.
Data from The Block shows that corporate SOL holdings reached 3.4 million coins, with a total value of over $568 million as of August 5.
These companies see potential in being part of Solana’s growth, especially by helping with decentralization and earning steady returns.
By setting up validators and joining staking pools, these firms are also giving investors new ways to gain exposure to SOL beyond traditional tokens or ETFs.
Solana Mobile Begins Shipping Seekers Devices Worldwide
Outside of treasury moves, Solana Mobile shared that its Seekers devices have started shipping.
In a post on X, the company said it is sending tens of thousands of phones to over 50 countries. This marks a step forward for Solana’s push into mobile tech.
Some market participants say it is still early to tell how this might impact price, but it does contribute to overall activity on the network.
The wider use of Solana’s products, from staking to mobile, may help boost confidence among both retail users and large firms.
More importantly, with new buyers coming in and companies building deeper involvement in the network, some believe SOL could eventually reach the $200 mark.
However, price moves will depend on several factors in the months ahead. As of writing, Solana price was trading at $163.66 with the treasury growth making a bullish case for a return to $200.
The post Whales Buying Solana Dip, Why SOL Price To $200 Is Possible appeared first on The Coin Republic.