The price of Solana (SOL) increased by 35% in the third quarter, making it one of the most successful cryptocurrencies among major assets. However, it still significantly lags behind Ethereum (ETH), which rose nearly 60% during the same period. This difference in dynamics is also reflected in the SOL/ETH ratio, which has fallen by more than 13%. Nevertheless, Solana continues to demonstrate strength in 'absolute' values, which may indicate that the asset is undervalued.
According to recent data, DeFi Development Corporation (NASDAQ: DFDV) has increased its Solana reserves to 2.39 million SOL, adding 55,491 SOL since August 27. The company raised $300 million through the sale of preferred shares CHAD, which are expected to be used for further SOL purchases. Meanwhile, DFDV shares have risen by more than 77% in the third quarter – their best quarterly growth since Q2 2025. If current trends continue, this could create a correlation between the rising demand for shares and the increasing accumulation of SOL. In this sense, the accumulation of SOL by DFDV could be an indicator of a broader trend among corporate treasuries (DAT). It remains to be seen whether other companies will follow this example. If so, the growth in corporate demand could provide Solana with a key catalyst to narrow the gap with Ethereum.
Additionally, the increase in developer activity indicates a strong fundamental base for Solana. Over the past week, more than 1.49 million token launches were recorded – a record weekly figure. The Transaction V1 update, available on the mainnet, allows for a 3.3 times increase in transaction size, opening up possibilities for more complex applications such as ZK-proofs. Also, this week Circle issued $2.25 billion in USDC on Solana, adding liquidity to the network and contributing to increased trading volumes. All these factors create conditions for further growth in demand for SOL.
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