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Solana (SOL) has regained the $200 threshold after dipping to approximately $155 in late July, driven by renewed market interest during the ongoing altcoin season rally.
As per data from CryptoSlate, the cryptocurrency surged over 14% in the past 24 hours, climbing from $175 to a peak of $202 at the time of reporting.
This surge elevated the network’s market capitalization beyond $100 billion, indicating a resurgence of investor confidence in the digital asset.
Market sentiment surrounding Solana remains predominantly optimistic, with crypto investors on Polymarket anticipating further price advancements.
Data from the platform reveals that about 84% of participants foresee SOL reaching $210, while 43% believe the token could achieve a new all-time high before the conclusion of 2025.
DeFi TVL increases
Simultaneously, Solana’s decentralized finance ecosystem is witnessing notable expansion.
Information from DeFiLlama indicates that the total value locked (TVL) in SOL terms surpassed 58 million tokens this week, marking the highest level in over three years.
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Additionally, the dollar value of assets secured on the network has crossed $11 billion for the second time this year, a milestone last achieved in January.
Concurrently, Solana’s decentralized exchange (DEX) activity has consistently outperformed Ethereum for ten consecutive months.
Solana treasury companies
Alongside the current market dynamics, institutional involvement seems to be bolstering Solana’s gains.
At the end of July, CoinGecko reported that Upexi, Inc. has become the largest publicly traded holder of Solana, with 1.9 million SOL acquired at an average price of $168.63. These holdings are presently valued at $319.5 million.
Following closely is DeFi Developments Corp, which possesses 1.18 million SOL purchased at an average of $137.07, now valued at $198.9 million. This reflects an unrealized profit of approximately $36.8 million.
Furthermore, Toronto-based SOL Strategies holds 392,667 SOL, bought at an average of $158.12, indicating an unrealized gain of about $3.9 million. Torrent Capital, while holding a smaller position of 40,039 SOL acquired at $161.84, is also in profit by roughly $200,000.
In total, these four companies collectively control over 3.5 million SOL, with a combined market value exceeding $591 million.
This accounts for approximately 0.65% of the circulating supply, highlighting the increasing interest among publicly listed firms for Solana exposure and emphasizing growing institutional confidence in the asset’s long-term prospects.
The post Solana soars past $200 as institutional confidence boosts crypto momentum appeared first on CryptoSlate.
