$100M DeFi Development funding sends Solana price above 73-day resistance

• Solana price crosses $184 on Wednesday, on course to close the first half of May over 25% gains.
• NASDAQ-listed firm Defi Development announces the purchase of another 172,670 SOL worth $24 million, boosting its total holdings to 595,988 SOL.
• SOL has now breached the previous 73-day peak set when Trump announced SOL inclusion in his crypto strategic reserve executive order on March 2. 

Solana (SOL) price surged past $184 on Wednesday, marking a 25% gain in May. The rally follows a fresh capital injection by DeFi Development, reaffirming institutional confidence in Solana’s blockchain ecosystem amid favorable macroeconomic signals. 

NASDAQ-listed DeFi Development raises Solana holdings to $100M

Solana’s bullish momentum extended on Wednesday as the token climbed 2% intraday, mirroring a broader market lift fueled by softer-than-expected US inflation data.

Risk appetite among investors returned after April’s Consumer Price Index (CPI) report hinted at potential Federal Reserve rate cuts, adding a tailwind to digital assets.

Solana’s price upswing on Wednesday was linked to a high-profile announcement by NASDAQ-listed firm DeFi Development, confirming the acquisition of 172,670 SOL worth approximately $24 million.

This brings the firm’s total Solana holdings to 595,988 SOL, valued at $100 million at the reporting time. The company doubles down on its strategy to acquire Solana as a long-term strategic reserve asset.

DeFi Development’s growing stake in Solana arrives when major institutions and sovereigns are racing to pivot toward cryptocurrencies for portfolio future-proofing, diversification and hedge against economic risks.

Solana price hits $180 first time since Trump’s crypto reserve announcement

With Wednesday’s breakout above $184, Solana price has now surpassed local peaks last reached on March 2, when US President Donald Trump announced SOL in a proposed federal crypto strategic reserve.

However, the rally was short-lived, as subsequent tariffs confirmed on March 3 triggered a sector-wide correction.

Unlike that earlier move, Solana's latest leg-up is driven by internal catalysts, led by institutional accumulation and ecosystem growth, as evidenced by DeFi Development’s $24 million inflows this week.

Solana price action | SOLUSD (Binance) | May 14, 2025.

This breakout above a 73-day resistance zone emphasises the strength of current market demand. It also highlights Solana’s resilience compared to peers such as Cardano and XRP, which remain below their March 2 peaks at $2.9 and $1.2, respectively.

Solana market dominance surges as rivals struggle for traction

Despite stalled progress on Trump’s crypto initiatives and the US Securities and Exchange Commission (SEC) delaying several altcoin ETF decisions until June, Solana continues to outperform its peers.

Validating this narrative, SOL.D TradingView’s Solana dominance metric that tracks Solana’s share of the total crypto market, has climbed from 2.13% on April 7 to 2.8% as of Wednesday.

Solana market dominance | SOL.D | TradingView | May, 2025.

The SOL.D uptick reinforces the narrative that Solana’s current momentum is less about political tailwinds and more about internal growth catalysts boosting on-chain activity and institutional adoption. 

Why is Solana price outperforming XRP and Cardano in May 2025

Solana price advances by $180 on Wednesday, trading above the critical resistance set when Trump announced the crypto strategic reserve on March 2. Meanwhile, rivals like Cardano and XRP have stagnated below $2.9 and $1.2 as Trump’s crypto proposals remain in limbo. 

Recent reports show that Solana benefits from separate demand drivers, including the adoption of the $100 million corporate reserve by DeFi Development. 

Beyond that, retail adoption of Solana memecoins has accelerated in the recent months, further amplified by Trump’s official token launch at inauguration. 

Earlier this week, Pump.fun, Solana’s native memecoin launchpad, announced a 50% revenue sharing program that could further accelerate the network growth in the coming months.

What’s next?

Solana’s latest price breakout above $180, with market share nearing 3%, draws investors' attention as it comes during a period where Trump’s crypto strategic reserve proposal has stalled in Congress, and the US SEC is delaying altcoin ETF verdict until June. 

Solana’s ability to decouple from rival XRP and ADA emphasizes the presence of active internal growth catalysts propelling the ongoing SOL price rally. 

It remains to be seen whether SOL can establish steady support above the $180 level. More so, with the SEC’s decision on Solana ETFs now slated for June 16, SOL could begin to receive additional inflow from strategic investors like DeFi Development, seeking to front-run the positive impact of a potential approval verdict.