Solana treasury season continues, as another large order of SOL went through FalconX. DAT companies are seen as relatively risky, but SOL offers additional passive income opportunities. An unnamed large-scale buyer of SOL may be building a treasury. Based on FalconX transfers, a whale acquired 412,075 SOL, valued at $98.4M. The amount is close to the size of purchases used in treasury companies. The SOL was acquired at market rates, as FalconX moved the tokens from major exchanges Binance, OKX, Coinbase, and Bybit. SOL still took a step back to $233.86, allowing the whale to buy the dip. Recent accumulation raised the influence of Solana DAT companies, already holding 2% of the SOL supply, as Cryptopolitan reported earlier. The SOL buying continued, even after Forward Industries completed the purchases for its large-scale treasury. At the same time, some whales are using the hype to leave the market, as in the case of one whale sending $23M worth of SOL to OKX. FalconX reflects the growing demand for SOL, with active trading through its public wallets. | Source: Arkham Intelligence. FalconX still carries around 449K SOL, valued at over $117M. At the current stage, large-scale treasuries locked in 2M SOL, while smaller ones still hold under 500K tokens. Treasury companies are offsetting the selling and unlocks, which pressured the price of SOL. Solana treasuries still lag behind the accumulated reserves for BTC and ETH, but are showing strong growth and significant daily buying pressure. SOL treasuries also mostly have mNav ratio above 1, showing their stock is still attractive. For mow, Forward Industries is traded most actively, with the price of FORD near a six-month peak at $37.35. SOL treasuries boost staking SOL treasuries are not passively held, and are sending significant amounts of tokens for staking and liquid staking. As of September 17, Solana treasuries hold an estimated 17.112 SOL, spread to 17 entities of varying size. A total of 7.4M SOL is staked at 7.96 annualized rate, meaning treasuries may receive another 589K SOL as a reward for liquid staking. Even with price risk, treasuries are showing significant demand for this kind of return. The SOL rewards are an automated expansion of the treasuries, compounding the holdings of the biggest entities. The treasury companies may also not sell their SOL, but instead use the value through liquid staking tokens. As a result, SOL ecosystem value locked is near peak levels at $12.35B. Entities like Jito, Jupiter, Binance Staked SOL and even BONK are competing to gain access to treasuries. In the past month alone, Binance Staked SOL expanded its holdings to a new record above $2.88B. Is the altcoin season a Solana season? The SOL market capitalization dominance is at 3.2%, the highest in six months. The Solana ecosystem contributes to the overall altcoin season, adding a mix of new and older memes. However, meme coins are lagging with just $12B in market capitalization and only three assets valued at over $1B. The Solana ecosystem is yet to recover the token-based hype from January. Currently, the network is switching to DeFi, including lending and liquid staking. Solana also produces the most revenues from apps compared to all other chains, offering passive income for SOL holders. Get $50 free to trade crypto when you sign up to Bybit now