Solana Season Gains Steam as Institutional Demand Surges, Pushing SOL DAT Stocks Higher

TradingKey - Amid strong buying momentum from crypto treasury companies and positive regulatory developments, Galaxy Digital and Bitwise have jointly declared the arrival of “Solana Season.” Solana’s price has surged, with SOL treasury stocks like Upexi and Forward Industries rising double digits in pre-market trading on Friday.

As of publication (Friday, September 12), Solana (SOL) has risen 15.71% over the past seven days — the second-highest gain among the top 10 cryptocurrencies — reaching $239.10, with a market cap slightly above BNB and ranking fifth among all cryptocurrencies.

Shares of companies adopting SOL treasury strategies jumped sharply:

• Upexi: Up ~14%
• Forward Industries: Up ~10%
• DeFi Development Corporation: Up over 5%
• Classover Holdings: Up over 3%

On-chain data shows that Galaxy Digital purchased over $500 million worth of Solana in the past 24 hours.

Just days earlier, Galaxy Digital, alongside Jump Crypto and Multicoin Capital, announced they are co-leading a $1.65 billion financing round for Forward Industries, a Nasdaq-listed design and manufacturing company. The funds will be used to launch a Solana-based cryptocurrency treasury strategy.

Kyle Samani, Co-Founder of Multicoin Capital, said that this investment reflects their confidence in Solana’s resilience and growth potential. Institutional-scale treasuries can accumulate SOL faster than passive holders ever could.

On Thursday, Mike Novogratz, CEO of Galaxy Digital, declared that the crypto market is entering “Solana Season,” citing strong market momentum and favorable regulatory signals.

Meanwhile, Matt Hougan, Chief Investment Officer at Bitwise, recently stated that corporate treasury purchases and the expected launch of a spot SOL ETF are setting Solana on a bullish trajectory.

Compared to Ethereum, he stated, Solana offers superior speed and lower transaction costs.