Solana (SOL) rallied 6.5% in the past 24 hours, outperforming the broader crypto market’s 1.5% gain.
Analysts attribute the move to institutional validation from a Nasdaq listing, renewed ETF optimism, and continued network growth following major upgrades.
Institutional validation through Nasdaq debut
According to recent filings, SOL Strategies, a Solana-focused treasury firm, secured approval to list on Nasdaq under the ticker STKE, with trading beginning September 9. This milestone makes it the first Solana-dedicated company to trade on a major U.S. exchange, marking a step toward mainstream legitimacy.
The firm currently holds around $90 million in SOL, while rival Solana digital asset trusts manage up to $420 million. CEO Leah Wald described the listing as proof of Solana’s “transparency and resilience.” Market watchers note that public listing access could channel traditional investor capital into Solana, particularly if more Solana investment vehicles follow suit.
ETF speculation bolsters staking demand
The SEC is developing a generic crypto ETF framework, which analysts say could accelerate Solana ETF approvals. CoinDesk reports that approval odds for a SOL ETF have risen to 90% by late 2025, with VanEck and Fidelity among the applicants.
While the SEC delayed Fidelity’s application earlier this year, sentiment remains bullish. Traders highlight Solana’s ~7% staking yield as a key differentiator from Bitcoin, making it attractive for yield-focused ETF structures. The market now awaits the SEC’s response to amended filings due by September 30.
Network growth and technical upgrades
On-chain data shows Solana is currently leading the blockchain space with 58 million monthly active users in August, driven by growth across DeFi, NFTs, and memecoins. Its total value locked (TVL) stands at $15.3 billion.
The Alpenglow upgrade, launched in July, boosted block capacity by 20%, easing congestion risks. Looking ahead, the highly anticipated Firedancer client—expected to push throughput toward 1 million transactions per second, continues to attract developer interest and strengthen Solana’s positioning as Ethereum’s strongest rival.
