SOL price gains momentum as DeFi Dev Corp adds $77M in Solana to treasury – Crypto News – Crypto News
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SOL price gains momentum as DeFi Dev Corp adds $77M in Solana to treasury SOL price gains momentum as DeFi Dev Corp adds $77M in Solana to treasury

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SOL price gains momentum as DeFi Dev Corp adds $77M in Solana to treasury – Crypto News

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6 months ago

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  • The company has acquired 407,247 SOL tokens in its latest purchase.
  • DeFi Dev Corp. now holds Solana worth around $371M, 1.83 million coins.
  • On-chain indicators support SOL’s upside trajectory.

The first Nasdaq-listed firm with a Solana-centric treasury strategy is once again in the spotlight.

According to the latest press release, DeFi Development Corp. disclosed the purchase of 407,247 SOL assets valued at approximately $77 million.

The recent accumulation increased the company’s total SOL holdings to 1,831,011 tokens, worth around $371 million.

Notably, DeFi Dev Corp. utilized the latest fundraising to fund the purchase, and still holds more than $40 million for more Solana buys and supporting treasury operations.

The bold bet signals the firm’s conviction in Solana’s growth trajectory.

Solana price displays optimistic performance amid these developments, with on-chain metrics supporting DeFi Dec Corp’s accumulation strategy.

Long-term holding and staking plans

DeFi Development Corp. made it clear that it is not after short-term gains.

The firm confirmed that it will hold the newly purchased Solana long-term and stake the assets across different validators.

The announcement stated:

The newly acquired SOL will be held long-term and staked to a variety of validators, including DeFi Dev Corp’s own Solana validators to generate native yield.

The staking strategy enables the firm to generate native yield while ensuring the security and health of Solana’s blockchain.

Further, the approach means additional earning opportunities for shareholders as it combines staking incentives and SOL price growth.

What does it mean for Solana?

Solana has dominated crypto trends over the past months, with increased adoption in payments, meme coins, DeFi, and NFTs.

Its scalability and speed have made it a perfect alternative for institutions and developers.

DeFi Dev Corp’s Solana holdings reflect how markets are increasingly viewing Solana as an asset with potential beyond speculation.

Furthermore, endorsement by a Nasdaq-listed company legitimizes the altcoin, making it attractive for institutions seeking crypto exposure.

Solana bullish outlook

These developments come as the native token traded in the green region.

SOL gained more than 15% the previous week to $211.

Bullish sentiments fuel the chain, especially as the community votes for the Alpenglow proposal.

The proposal seeks to reduce block finality to 150 milliseconds from 12.8 seconds.

That will turbocharge the blockchain by supporting thousands of transactions per second while ensuring near-zero transaction charges.

That makes the Ethereum twelve-minute finality glacial.

Simply, the second-largest blockchain takes minutes to finalize transactions. In Solana, it is instant.

These narratives echo analysts, who are predicting massive gains for SOL.

For example, Ali Martinez mapped Solana’s path to $300 in the near-term.

That would mean a rally of over 40% from the current market price.

Moreover, prevailing institutional interest sets the stage for significant long-term rallies.

Proponents believe Solana has what it takes to skyrocket to $1,000 in a full-blown bull market.

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