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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
solana_price_sol_solusd_optimized

Solana Enters Top 5 Cryptos With $126B Market Cap, Galaxy Digital Fuels Rally

James Halver
by James Halver
2 weeks ago
·
Posted in Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Solana (SOL) has solidified its position among the world’s largest cryptocurrencies, surpassing Binance Coin (BNB) to secure the fifth spot by market capitalization.

Related Reading: BlackRock Weighs Tokenized ETFs Following Bitcoin Fund Surge

As of September 12, 2025, SOL trades at $ 237.90, giving it a market capitalization of $126.4 billion. The rally marks a 6.8% gain in the past 24 hours and over 15% weekly growth, driven by surging institutional interest and strong on-chain activity.

Solana SOL SOLUSD

SOL's price trends to the upside on the daily chart. Source: SOLUSD on Tradingview

Analysts stress three key catalysts behind Solana’s momentum: Nasdaq’s approval of a Solana-focused listing, growing speculation over spot ETFs, and continuous network upgrades that strengthen its position as Ethereum’s closest competitor.

Galaxy Digital’s $536M Solana Bet

A major driver of the rally was Galaxy Digital’s reported purchase of 2.31 million SOL tokens worth nearly $536 million within 24 hours. Blockchain data confirms transfers from Binance, Coinbase, and Bybit to Galaxy-controlled wallets, fueling speculation that the firm is aggressively backing Solana’s growth.

This move follows Galaxy’s leadership in a $1.65 billion private placement for Forward Industries (NASDAQ: FORD), which is transitioning into a Solana-focused digital asset treasury. Forward’s stock soared 135% in five days, proving investor excitement.

Galaxy CEO Mike Novogratz declared the start of a “Solana Season,” citing regulatory progress, ETF optimism, and Solana’s unmatched scalability as reasons for the aggressive accumulation.

ETF Hopes and Network Growth Accelerate Adoption

ETF speculation continues to boost Solana’s appeal. Reports suggest a 90% chance of a Solana ETF approval by late 2025, with applications from VanEck and Fidelity already in review. With staking yields around 7%, analysts believe Solana is well-positioned to attract yield-focused ETF structures.

Meanwhile, Solana’s network fundamentals remain robust. August data shows 58 million monthly active users and $15.3 billion in total value locked (TVL), fueled by activity across DeFi, NFTs, and memecoins.

Recent upgrades, including the Alpenglow upgrade and the upcoming Firedancer client, promise greater scalability and reduced congestion.

Related Reading: If You Hold XRP, Analyst Says To Strap In; Here’s Why

With institutional capital flooding in, ETF approvals on the horizon, and technical upgrades boosting performance, Solana’s momentum shows no signs of slowing. Analysts now eye potential price targets between $300 and $400 in the coming months if bullish conditions persist.

Cover image from ChatGPT, SOLUSD

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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