SOL Breaks $230, Touches $240 for First Time Since January – Is Solana Season Finally Here?

Group 1: Market Performance - Solana (SOL) reached $240, marking its highest price since January, with a market capitalization of $126 billion, surpassing BNB to become the fifth-largest cryptocurrency [1] - Corporate treasuries now hold 6.49 million SOL tokens, indicating rapid institutional adoption [1] Group 2: Institutional Investments - Galaxy Digital acquired 2.31 million SOL worth $536 million, suggesting coordinated accumulation strategies among institutional players [2] - Galaxy Digital led a $1.65 billion private placement into Forward Industries, focusing on Solana treasury strategies [2][3] - Forward Industries shares increased by 135% in five days post-announcement of the funding round [3] Group 3: Corporate Holdings and Strategies - BIT Mining Limited added 17,221 SOL, increasing its total to 44,000 SOL valued at $9.95 million, while rebranding to SOLAI Limited [4] - Upexi Inc. emerged as a significant corporate holder with over 2 million SOL valued at $447 million, generating $142 million in unrealized gains [4] - Canada-based SOL Strategies began trading on Nasdaq under the ticker STKE with $94 million in treasury holdings, managing 3.62 million SOL [5] Group 4: Liquidation Activities - Despite the rally, bankrupt firms FTX and Alameda withdrew 192,000 SOL tokens worth $44.9 million, continuing a trend of monthly redemptions since November 2023 [6] - The FTX estate has unstaked nearly 9 million SOL valued at $1.2 billion over the past year, averaging $134 per token [6]