Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes
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A group of former Kraken executives acquired U.S.-listed company Janover, which secured $42 million in venture capital funding to begin building a Solana (SOL) treasury.
Janover outlined plans to allocate a substantial portion of its capital to support the Solana ecosystem, taking a page from Michael Saylor’s Bitcoin-focused strategy.
Saylor’s firm, formerly known as MicroStrategy, has become known for acquiring large amounts of Bitcoin (BTC) in recent years.
Following the announcement, Janover’s share price surged by nearly 1,000% at its intraday peak, reflecting heightened investor interest. Institutional backers including Pantera Capital, Kraken, and Arrington Capital participated in the funding round.
“Bitcoin has and always will be the most powerful store of value, but Solana is the foundation for an entirely new, high-performance financial system,” commented Janover’s Chief Executive Officer, Joseph Onorati.
The firm indicated it would begin accumulating SOL immediately, as the token traded near its lowest level in 14 months.
Solana Price Risks 26% Drop If Key Support Fails
Solana (SOL) dropped nearly 50% since January, driven by tightening U.S. macroeconomic conditions.
Despite the price decline, Solana’s ecosystem has grown in 2024.
Meme coin activity and DeFi growth helped boost transaction volumes, stablecoin holdings, and total value locked (TVL).
Solana is now viewed as one of Ethereum’s strongest challengers in the smart contract space.
Solana’s lower fees and faster execution times have given it a competitive edge over Ethereum.
Still, the current market chart shows that SOL is testing key support near $97.5.
If bearish momentum continues, prices could fall to $93 and even $76—representing a potential 26% downside.
Momentum indicators suggest that bearish pressure remains. However, some analysts believe the market could stabilize as long-term use cases for networks like Solana remain intact and institutional buyers look to capitalize on lower prices.
The Solana network has struggled with congestion issues in the past. To fix this, a new project called Solaxy (SOLX) has been raising funds to launch a layer-two scaling solution and has rapidly become one of the most successful crypto presales of 2025.
Solaxy (SOLX) Raises Nearly $30M to Strengthen Solana’s Infrastructure
Solaxy (SOLX) is a layer-two side chain that bundles transactions offline to alleviate the Solana mainnet’s congestion during peak usage times.
Back in January when TRUMP and MELANIA were launched, users and exchanges experienced delays and received transaction error messages as the network struggled to keep up with a spike in trading volumes.
Solaxy fixes this and developers have already made significant progress by partnering with top blockchain companies like Hyperlane and Sovereign Labs.
They have already shared satisfactory updates on early tests, meaning that the Solaxy L2 could be ready to be deployed soon.
To buy $SOLX, simply head to the Solaxy website and connect your wallet (e.g. Best Wallet). You can either swap SOL, USDT, or ETH for this token or use a bank card to make your investment.
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