Solana's rising mindshare could reshape crypto market dynamics, influencing investor sentiment and potentially altering future price trends. Solana tops crypto mindshare, outpacing Bitcoin and Ethereum.
At $107.86, Solana had a $63.5 billion market capitalization. A $500 price would imply about $294.6 billion if circulating supply stayed near 589.2 million SOL.
GSOL recorded an outflow on one day during the period. VanEck's VSOL sold $700,000 of SOL on Oct. 12, while Grayscale did not sell SOL that day.
SkyAI plans to buy back as much as 95% of its outstanding shares and warrants for $3 each, using cash and proceeds from selling solana. The move comes after the company sold roughly half its SOL treasury and rejected an unsolicited stock-for-stock bid from Forward Industries.
Solana gained 3.99% from $104 over four hours but remained down 3.47% over 24 hours.
Solana's Hong Kong ETF launch coincides with $3 billion in USDC supply and rising short liquidity, raising questions about a potential SOL bear trap.
The company still holds about 1 million SOL and may reduce its position further depending on market conditions.
The entity disclosed the sale as its remaining SOL position showed more than $160 million in unrealized losses based on an average purchase price of about $194.
The Bitwise NEAR ETF recorded the day's only NEAR inflow, while VanEck's Solana ETF and Zcash ETF posted outflows.
SOL reached $105 at 9:54 p.m. ET Monday (01:54 UTC Tuesday) after trading at $103 an hour earlier, while remaining down 5.34% over 24 hours.
The funds posted $0.7 million in combined net outflows on Oct. 12, with VSOL accounting for the entire withdrawal and no fund recording an inflow.
The liquidation occurred at $102 at 8:52 p.m. ET Monday (00:52 UTC Tuesday).