In an impressive display of growth and renewed investor confidence, Solana (SOL) has emerged as a stand-out blockchain network in 2024, with projects built on its blockchain successfully raising over $170 million in private funding during the third quarter of 2024. This milestone represents the highest level of funding since the second quarter of 2022, showcasing a significant resurgence of interest in the Solana ecosystem, despite recent decline in on-chain usage that have raised questions about its sustainability.

According to the latest ‘State of Solana: Breakpoint Edition’ report, a remarkable total of 29 projects on the Solana blockchain collectively secured an astounding $173 million in private funding throughout Q3 2024. Each month during this quarter demonstrated sequential growth in its ecosystem, with September alone contributing an impressive $103 million, marking it as the strongest month for fundraising activity since June 2022. This consistent monthly growth serves as a testament to the robust interest and considerable potential that investors perceive in Solana-based projects, which continue to attract significant attention for their innovative approaches and transformative ideas.

In addition to funding successes, Solana's tokenized treasury market has also experienced substantial growth, doubling its total value to an impressive $123 million within a mere 30 days. This surge was largely driven by a noteworthy $50 million influx of USDC from Ethereum on September 23, highlighting the increasing interconnectivity and fluidity between different blockchain ecosystems. Despite currently ranking third in the tokenized treasury market behind Ethereum and Stellar, the recent developments and influx of capital suggest that Solana possesses a substantial potential for growth, which may be reflected soon in its price.

Furthermore, several high-profile institutional ventures have chosen Solana as their preferred platform for launching innovative financial products. In late July, Hamilton Lane, a prominent investment firm, made headlines by launching the first private credit fund on the Solana blockchain, thereby showcasing the platform's capabilities to support sophisticated financial instruments. Additionally, Franklin Templeton, a leading global asset manager, plans to launch a money market fund on Solana, which is groundbreaking as it marks the first time an asset manager will issue securities on the Solana blockchain through a public registration statement with the SEC. This move is significant, as it paves the way for increased legitimacy and regulatory acceptance of blockchain-based financial products, potentially attracting more traditional finance players to the space.

As Solana continues to garner attention and investment, a pressing question arises: WIll SOL hit $160 by 14th October Given the recent funding surges and institutional support, this question reflects the growing optimism around Solana's potential for short-term price movements, particularly as it capitalizes on its recent successes and the positive sentiment within the market.