Solana jumps 15% to reclaim $200 as altcoin market heats up on treasury accumulation
Quick Take
- SOL has gained 15.4% over the past 24 hours to regain the $200 level as optimism reignites across the altcoin space.
- Analysts said the psychological and technical milestone signaled renewed investor confidence and stronger market liquidity.
Solana's native cryptocurrency jumped 15.4% over the past 24 hours to regain the $200 mark for the first time since July 24 and only the second time since February, according to The Block's SOL price page.
"The $200 level marks a key psychological and technical milestone for Solana, signaling renewed investor confidence and stronger market liquidity," Kronos Research Chief Investment Officer Vincent Liu previously told The Block. "Breaking this threshold often attracts more buyers and can set the stage for further upside momentum."
SOL often led the revival following the bear market lows of 2023, becoming one of the few cryptocurrencies other than bitcoin to already make a new all-time high this cycle in January.
However, it had struggled compared to other crypto assets in recent weeks, particularly against ETH, whose outperformance since Jul. 14 flipped SOL for yearly gains for the first time since September 2024, per The Block's data dashboard. ETH is now 20% up against SOL over the past year and 25% up year-to-date.
Nevertheless, ETH's latest rally above $4,700, reaching the highest level since its November 2021 all-time high of around $4,878 and flipping BTC for year-to-date gains, has seemingly reignited the altcoin space in general, with several other assets also notching significant 24-hour gains.
ETH is up 9.7% during the past day, while XRP, BNB, DOGE, and ADA recorded 5.2%, 6.4%, 12.5% and 13% gains, respectively, among the top 10 cryptocurrencies by market cap. BTC was more subdued, rising just 1.6% during the period.
Like Ethereum, Solana may also be benefiting from the plethora of new digital asset treasury companies that have raised and bought billions of dollars' worth of cryptocurrencies in recent weeks.
On Tuesday, Solana treasury firm DeFi Development Corp estimated it earns $63,000 per day in "SOL-denominated revenue" from its 1.3 million SOL stockpile, worth over $260 million, with total SOL holdings by public companies approaching the $675 million level.
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