Key Takeaways
- Solana jumps 15% to reclaim $200, a key technical milestone.
- Altcoin market rallies alongside Ethereum’s surge above $4,700.
- Treasury accumulation trend boosts institutional demand for SOL.
Over the previous day, Solana’s native token (SOL) has skyrocketed 15.4% and broke the $200 level for the first time since late July. Other than February, this is merely the second occasion when the crypto asset has attained this altitude, thus implying fresh purchaser optimism in the wider altcoin market.
Kronos Research Chief Investment Officer Vincent Liu referred to the $200 barrier as “a mental and technical milestone” for Solana. As per Liu, coming over this limit finds new buyers of the asset that can give a base for the continuation of the bullish trend.
Ethereum’s Upturn Energizes Altcoin to Get Going
Ethereum’s brave breakout from $4,700—highest since November 2021—has returned the altcoin sector to life. The bull run made ETH beat Bitcoin in year-to-date gains, a euphoric repercussion at the market’s top.
Over the last day, ETH has climbed 9.7%, while XRP, BNB, DOGE, and ADA recorded gains of 5.2%, 6.4%, 12.5%, and 13%, respectively. Bitcoin’s price movement remained more modest, up just 1.6% in the same period.
Growing Institutional Demand for Treasury Acquisitions Raises SOL’s Value
Undoubtedly one of the main reasons for Solana’s uptick is the trend of institutional treasury accumulation that has gone up. In the last few weeks, a number of digital asset treasury firms have raised and invested billions of dollars into cryptocurrencies.
Solana treasury firm DeFi Development Corp recently revealed that it earns approximately $63,000 per day in SOL-denominated revenue from its holdings of 1.3 million SOL, valued at over $260 million. Public company holdings of SOL are now approaching $675 million in total.
This institutional interest provides both price support and market confidence, positioning Solana as a leading altcoin for potential future gains.
Summary
Solana’s sharp 15% price jump to reclaim $200 reflects a renewed wave of investor confidence, driven by Ethereum’s rally and rising institutional treasury accumulation. With altcoin market sentiment strengthening, SOL could be positioned for further upside in the weeks ahead.
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