Solana (SOL) jumped more than 5% on Tuesday morning, outperforming Bitcoin and Ethereum, which posted only modest gains. The catalyst was the launch of a new $1.65 billion digital asset fund announced by Forward Industries, dedicated exclusively to Solana. Heavyweights like Galaxy Digital, Jump Crypto, and Multicoin Capital are backing the initiative.
Whales Pile Into SOL
On-chain data shows clear signs of whale accumulation. Analytics firm Lookonchain reported that two whale wallets withdrew a total of 376,076 SOL worth $80.7 million from Binance in the past 24 hours, transferring the tokens to Kamino, a Solana-based platform.
The move reflects a broader trend: Solana’s whale population has grown by 6%, underscoring an aggressive accumulation phase.
Solana’s TVL Climbs as Ethereum Declines
According to Defillama, Solana’s total value locked (TVL) surged nearly 6% in a single day to $12.2 billion, while Ethereum’s TVL dropped 1.5% to $89.8 billion.
Over the past month, Solana’s TVL has risen more than 15%, while Ethereum’s slipped 2%. Hyperliquid L1 performed even better, with TVL jumping 20% to $2.6 billion, making it the most profitable among the top 10 chains.
Price and Volume: Bullish Momentum Strengthens
Institutional flows and rising TVL have driven Solana into a strong uptrend. SOL has gained 21% over the last 30 days and is currently trading around $218.96.
Trading volumes exploded by 74% in the past 24 hours to $10.4 billion, highlighting growing interest from both retail and institutional players.
Forward Industries Bets on Solana
Multicoin Capital co-founder Kyle Samani, who will chair Forward Industries’ board, emphasized that Solana remains “widely misunderstood and undervalued” despite its strong performance across market cycles.
The funding round also included C/M Capital Partners. Board observers will include Chris Ferraro (Galaxy Digital) and Saurabh Sharma (Jump Crypto). According to Galaxy CEO Mike Novogratz, Forward’s strategy will allow it to become “the leading publicly traded company in the Solana ecosystem.”
Bitcoin Accumulation Heats Up
The Solana strategy coincides with intensifying institutional competition for Bitcoin and Ethereum. Recently, another 1,955 BTC worth $217.4 million was acquired, raising total institutional holdings to over 638,000 BTC (valued above $70 billion).
Crypto Market Nears $4 Trillion
Meanwhile, the total cryptocurrency market capitalization is edging closer to $4 trillion. With strong institutional backing, on-chain growth, and surging volumes, Solana is positioning itself as one of the standout performers of the current cycle.
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