Solana climbed 4.05% to $168.48 following Artelo Biosciences’ announcement to allocate $9.475 million in SOL for corporate treasury diversification.
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
4 mins read
Solana SOL $166.6 24h volatility: 3.0% Market cap: $89.74 B Vol. 24h: $4.95 B price climbed 4.05% to trade at $168.48 on Monday, August 4, aligning with rivals Ethereum ETH $3 676 24h volatility: 5.2% Market cap: $443.63 B Vol. 24h: $26.54 B and XRP XRP $3.04 24h volatility: 4.4% Market cap: $180.50 B Vol. 24h: $5.57 B which also recorded intraday gains of 5% and 4% respectively. However, market reports show that the SOL price rally received an extra boost from another wave of institutional inflow.
Clinical-stage pharmaceutical firm Artelo Biosciences (Nasdaq: ARTL) announced it will adopt Solana (SOL) as part of its corporate treasury, becoming the first publicly traded pharmaceutical company to do so. According to the official announcement, Artelo will commit $9.475 million from an at-the-market private placement to fund its Solana treasury strategy.
Artelo now joins a growing list of firms adopting Solana for institutional balance sheet diversification, following the path set by companies like Sol Strategies.
Former Solana Labs Head of Engineering Bartosz Lipiński, now CEO of Cube Group, led the private placement and will serve as Artelo’s technical advisor, partnering on DeFi and staking operations via CUBE’s infrastructure. Artelo’s board has also approved a staged expansion of its SOL treasury over time.
“Solana’s unparalleled scalability and decentralized infrastructure make it a cornerstone of the future financial ecosystem. By adopting SOL as a treasury asset, Artelo is positioning itself for sustainable growth and resilience, leveraging a cutting-edge monetary network to enhance shareholder value. I am confident this strategic move will yield significant long-term benefits for both Artelo and the broader Solana ecosystem,” Lipiński noted.
Artelo’s CEO, Gregory D. Gorgas, echoed this sentiment, emphasizing the move as a “strategic step into the digital asset space” and highlighting it as a competitive treasury diversification model in biotech finance.
“This initiative reflects our commitment to innovative and disciplined capital management while taking a strategic step into the digital asset space. By integrating SOL into our treasury, we aim to enhance long-term value for shareholders through thoughtful exposure to one of the most decentralized and scalable digital assets in the market,” Gorgas said.
At press time, Solana trades at $168.48, with bull traders now eyeing the $180 level as the next technical resistance point.
Technical indicators show early signs of recovery, with SOL bouncing sharply off the lower Bollinger Band at $156.83 to reclaim the $168 zone. Notably, the TradingView chart below shows that the SOL price rebound is backed by improving sentiment and higher-than-average volume.
The 20-day moving average (blue), currently at $179.30, remains the primary resistance target. A daily close above this level could put the bulls back in the driving seat after Solana price closed last week with double-digit losses.
Solana Price Forecast | TradingView
On the MACD, the blue MACD line has crossed above the orange signal line near 0.40, printing a bullish crossover. This crossover typically precedes upward price momentum in recovery phases. If bulls maintain control and SOL closes above $175, a retest of $185–$190 is likely before the next leg higher. Sustained positive sentiment from corporate adoption could be the catalyst needed for that move.
However, if rejection occurs near $175, the price could retrace to support at $156.83 (lower Bollinger Band), with a further drop potentially testing $150.
As Solana trades above $168, Solaxy, the first layer-2 project on Solana, is poised to benefit from the rising institutional interest. The ongoing wave of treasury allocations, from hedge funds to now pharmaceutical firms, validates institutional confidence in Solana’s technical infrastructure and ecosystem.
Solaxy Presale
Solaxy’s mainnet is launching soon alongside major CEX listings, with up to 70% staking APY. Investors betting on Solana’s ecosystem growth can visit Solaxy’s official presale page to get in early on the SOLX token presale.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
