Solana is once again making headlines as speculation rises about another institution buying SOL tokens in bulk.
According to blockchain tracker Lookonchain, FalconX, a leading prime broker for digital assets, withdrew 413,075 SOL across multiple exchanges. The transfers, worth $98.4 million, came from Binance, OKX, Coinbase, and Bybit within an eight-hour window.
Large withdrawals of this nature are often interpreted as signals of institutional accumulation. While FalconX itself acts as a broker, the sheer scale of the transfers has fueled rumors that another major financial player may be building a significant Solana position through its services.
Pantera Capital Bets Big on Solana
The timing of these transactions has intensified speculation. Just one day earlier, Pantera Capital disclosed a massive $1.1 billion investment in Solana. At current prices, the hedge fund controls approximately 4.65 million SOL. This makes it one of the largest corporate holders of the token.
Pantera founder Dan Morehead told CNBC that Solana had consistently outperformed Bitcoin over the past four years. He described the token as the firm’s “biggest conviction bet” to date.
With Pantera openly disclosing its position, traders are now questioning whether FalconX’s massive withdrawals could signal another yet-to-be-named institution stepping into the market.
Breakdown of Top Institutional Holders
On-chain data confirms that several large players are accumulating Solana. At least seven companies are currently holding more than 15 million SOL tokens.
Leading the pack is Forward Industries, which owns about 6.82 million SOL worth roughly $1.61 billion. The company’s average purchase price is reported to be $232.
Pantera Capital follows closely with its newly disclosed 4.65 million SOL, making it the second-largest institutional holder. Sharps Technology ranks third, with holdings of 2.14 million SOL, valued at over $505 million. Right behind is DeFi Development Corp, which owns 2.03 million SOL worth around $478.88 million.
Other notable holders include Upexi, with an even 2 million SOL valued at $472.32 million, as well as Mercurity Fintech, which controls 1.08 million SOL valued at $255.76 million.
Finally, iSpecimen Inc rounds out the list, holding exactly 1 million SOL, worth approximately $236.16 million. The rise of these heavyweight holders indicates a growing institutional alignment with Solana.
There are now 6 strategic $SOL reserve entities that each hold over 1M $SOL.
Among them, Forward Industries holds a massive 6,822,000 $SOL($1.58B), with an average purchase cost of $232. pic.twitter.com/YXs6AZmfdR
— Lookonchain (@lookonchain) September 16, 2025
Market Performance and Analyst Outlook
At the time of writing, Solana (SOL) is trading at $237.43, just below a key resistance level at $239. The token has gained 0.6% in the past 24 hours and 8.7% over the past week.
Crypto analyst Ali Martinez notes that a decisive breakout above $239 could pave the way for further gains. He sets a mid-term target of $360 for SOL, while his long-term outlook suggests the token could eventually test $1,314, provided institutional demand continues to drive momentum.
$1,314.41 is the main target for Solana $SOL after breaking out of a cup and handle! pic.twitter.com/RkwosDpwnB
— Ali (@ali_charts) September 12, 2025
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