Solana (SOL) is back in the headlines with a powerful surge. In just one day, SOL jumpep, pushing its price to around $240 a level not seen since early February. Over the past month, Solana has gained 30%, making it the biggest winner among the top ten cryptocurrencies by market value. This rally signals that “bullish energy has officially returned”.
So, what’s driving this Solana momentum, and what does it mean for Nigerian crypto investors?
1. The “Epic End-of-Year Run” Predicted by Bitwise
Matt Hougan, CIO at Bitwise Asset Management, believes Solana could be gearing up for a major end-of-year rally. Just like Bitcoin and Ethereum, Solana could see inflows from exchange-traded products (ETPs) and even corporate treasury buys. If ETFs open the door, big money could flow into SOL quickly.
2. Forward Industries’ $1.65B Solana Treasury Bet
Forward Industries, previously known for tech design, just secured a massive $1.65 billion to build a Solana-focused treasury. Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, this is the biggest Solana play yet from a public company. After the news, Forward’s stock price soared 128% before the market even opened, while SOL itself gained around 4%.
3. Smaller Market, Bigger Moves
Solana’s market is much smaller compared to Bitcoin or Ethereum. That means even “moderate” investments can move its price significantly. Hougan explains that Forward’s $1.65B in Solana could impact the market as much as a $33B injection into Bitcoin. This makes SOL highly reactive to institutional moves.
4. Strong Network Foundations
Despite volatility, Solana’s core strengths remain clear: fast, low-cost transactions. DeFi activity on Solana is booming, with Total Value Locked (TVL) hitting $12.27B, up 32% month-on-month. Projects like Raydium, Magic Eden and Jito are fueling this growth.
Meanwhile, Solana’s memecoin market has exploded up 70% and decentralized exchange (DEX) volumes spiked 73% in just one day. This mix of utility and community activity keeps the network alive and valuable.
5. ETFs, Regulation, and Institutional Access
Regulatory and financial infrastructure developments could reshape Solana’s future. The U.S. SEC has postponed a decision on the Franklin Templeton spot Solana ETF until mid-November 2025, but major firms like VanEck, Bitwise, 21Shares, Grayscale, Fidelity, and Franklin Templeton have already updated their Solana ETF filings. Some filings now allow cash and in-kind redemptions, signaling positive discussions with regulators.
Meanwhile, Solana already has a presence on traditional markets through the Cboe BZX Exchange with the REX-Osprey Solana + Staking ETF (SSK). It offers investors around 7.3% annual staking yield and saw $20M in trading volume on its first day. This provides regulated access for traditional investors outside crypto-native wallets.
What It Means for Nigeria’s Crypto Market
For Nigerian traders, Solana’s growth is significant. Nigeria has one of the fastest-growing crypto communities in Africa, and Solana’s low fees and scalability make it an attractive option for DeFi, memecoins, and payments.
If ETFs are approved and corporate adoption grows, Nigerians could see more access to Solana through global platforms, plus stronger demand locally for Solana mobile apps and Web3 services.
FAQs
- Is Solana’s rally sustainable? Analysts believe SOL’s fundamentals and ETF buzz suggest this is more than a short-term pump.
- How high could Solana go with ETF approval? Some projections suggest ETF approval in October/November could push SOL past $400–$550.
- Will other companies follow Forward Industries? If Solana continues its growth, more firms may allocate SOL to their balance sheets.
- Is $240 too late to buy? For long-term investors, Solana’s network usage and ETF prospects suggest it may still have upside.
- What about Solana’s upgrades? An upcoming upgrade will cut transaction times to 150ms (Solana Alpenglow Upgrade), potentially drawing more developers and users to the ecosystem.
Final Thoughts
Solana’s surge to $240 shows clear momentum, with institutional interest, DeFi growth, and regulatory progress all driving the rally. For Nigerian crypto investors, Solana’s mix of speed, affordability, and expanding global acceptance makes it one of the most exciting assets to watch in 2025.
Read more Solana news and Nigeria-focused crypto updates at Emostically.
Written by Franklin Owums
An enthusiastic crypto educator at Emostically, passionate about making blockchain and digital assets understandable for everyone — from beginners to seasoned explorers..
Disclaimer: This article is for educational purposes only and not financial advice. Always do your own research.
