Solana Price Rises 4% to $168 Following Artelo’s SOL Adoption

Solana price increased by 4.05% to $168.48 on August 4, supported by institutional inflows. Rivals Ethereum and XRP also saw gains of 5% and 4%, respectively.

Artelo Biosciences (Nasdaq: ARTL) announced it will adopt Solana as part of its treasury strategy, committing $9.475 million from a private placement. This makes Artelo the first publicly traded pharmaceutical company to incorporate SOL into its corporate treasury.

Key points include:

Artelo aims to diversify its balance sheet by adopting SOL.
Former Solana Labs Head of Engineering Bartosz Lipiński will advise Artelo on DeFi and staking operations.
Artelo plans a staged expansion of its SOL treasury over time.
Technical indicators suggest SOL may face resistance at $179.30, with potential upward movements if it closes above $175.
Failure to maintain momentum could see SOL retrace to $156.83 or lower.
Solaxy, a layer-2 project on Solana, is positioned to benefit from growing institutional interest in Solana.

At press time, traders are targeting the $180 resistance level as potential bullish momentum builds.