Solana Nears $240 as Treasury, ETF Drive Demand

- DeFi Development Corp boosts Solana (SOL) holdings to nearly 1 million SOL, signaling strong institutional confidence. - REX-Osprey Solana staking ETF crosses $100 million in assets under management within 12 trading days. Institutional investments and high demand for staking-focused ETFs are driving bullish momentum for Solana (SOL), while technical indicators suggest a potential rally toward $240. On July 23, 2025, Cointelegraph reported that DeFi Development Corp, a Nasdaq-listed company, significantly increased its Solana (SOL) holdings. Between July 14 and July 20, the firm purchased an additional 141,383 SOL, bringing its total treasury holdings to nearly 1 million SOL. In addition, the company allocated an additional $5 million for future acquisitions. This move demonstrates growing confidence in Solana’s ecosystem and aligns with broader institutional adoption trends. Adding further momentum, the REX-Osprey Solana staking ETF (SSK) hit $100 million in assets under management just 12 trading days after its launch on July 2. This ETF combines exposure to Solana with staking rewards, highlighting an increasing investor appetite for regulated, Solana-centric investment products. From a technical perspective, Solana encounters resistance near the $209 level. A decisive breakthrough at this point could catalyze a rally toward $240, with intermediate resistance around $220. The immediate support level for SOL is $185, which is critical for maintaining the current upward trend. However, a dip below the 20-day exponential moving average (EMA) at $172 could negate this momentum. Market participants are also closely monitoring the 50-day simple moving average (SMA), as a breakdown below this threshold might signal deeper corrections. According to CoinMarketCap data on July 23, Solana (SOL) was trading at $188.707 at 20:15 UTC, while its 24-hour trading volume had declined by 5.555%.