The Solana token (SOL) is showing impressive growth, reaching the highest values in the last eight months. In the last 24 hours alone, the value of the asset increased by more than 6%, and within the monthly period, the increase was over 20%. This dynamic returns SOL to the levels that were observed at the beginning of the year, followed by a prolonged correction.
The current surge in interest in Solana is taking place against the background of the general revival of the cryptocurrency market, the total capitalization of which has once again overcome the important psychological mark of $ 4 trillion. However, the SOL rally has its own specific reason that sets it apart from other digital assets. We are talking about the formation of a new trend among investment companies that are actively increasing their reserves in this cryptocurrency.
This strategy is called Digital Assets Treasury (DAT). Its essence lies in the fact that companies attract borrowed capital to purposefully form large portfolios of specific cryptocurrencies, by analogy with the approach of the famous investor Michael Saylor to bitcoin. The so-called "reverse merge" mechanism is often used for this purpose: Investors acquire control over shares of public companies that were not previously associated with digital assets and transform them into specialized DAT structures.
In the case of Solana, such companies do not just accumulate tokens, but actively use them to generate additional passive income. SOL is transferred to staking (a blockchain process to support network operation) or to various decentralized financial applications (DeFi) for lending and providing liquidity.
A striking example of this trend is the recent activity of Forward Industries. In August, a consortium consisting of Galaxy Digital, Jump Crypto and Multicoin Capital announced a private placement of FORD shares worth $ 1.65 billion with the aim of turning this company into a leading institutional participant in the Solana ecosystem. On September 11, it became known about the completion of the transaction and the intention of Forward Industries to direct the proceeds to large-scale purchases of SOL tokens.
The Lookonchain analytical platform has reported extremely active actions on the part of Galaxy Digital, which presumably acts in the interests of Forward Industries. According to the data, over 2.1 million SOL tokens were withdrawn from various exchanges in one day, which is equivalent to about $ 486 million. This large-scale purchase did not go unnoticed by the market and received the unofficial name "Solana Season".
According to information from the CoinGecko aggregator, to date, eight companies from three different countries have publicly announced the formation of reserves in Solana. The total amount of their savings is estimated at 6.5 million SOL (approximately 1.56 billion dollars). It is noteworthy that Forward Industries has not yet been included in this rating, which indicates the potential for further growth.
The reaction of the traditional stock market to these events was instant. Shares of Forward Industries (FORD) on the NASDAQ stock exchange have soared by 135% over the past five days. However, experts note that the securities of previously created DAT projects have significantly adjusted since the summer peaks, which indicates the high volatility and risks associated with this new business model.
Despite the upbeat news, analysts interviewed by the publication urge investors to be cautious. They warn that the current growth in SOL caused by targeted large purchases should not be perceived as the beginning of a large—scale "altseason" - a period when capital flows from bitcoin to alternative cryptocurrencies. A key sign of such a phenomenon would be a massive outflow of liquidity from leading assets, which is currently not observed. Thus, although institutional interest in Solana is a powerful catalyst, the sustainability of this trend remains to be tested over time.
