What’s Happening at Solana? A Rally Unseen Since February! Will the Rise Continue? Analysts Assess SOL’s Latest Situation!

After itcoin’s ATH above $123,000, the rally turned to Ethereum (ETH) and altcoins.

As Ethereum approaches its new ATH, surpassing $3,700, altcoins are also experiencing significant gains.

Solana (SOL) was also one of these altcoins.

Solana is on the rise!

According to the data, Solana regained the $200 level for the first time since February 5.

According to The Block, analysts cited institutional buying as the catalyst for Solana’s rise, saying the launch of the Block Assembly Marketplace and the purchase of millions of dollars worth of additional SOL for treasuries by companies like DeFi Development Corp.

Vincent Liu, chief investment officer of Kronos Research, stated that the Solana rally was supported by SOL corporate reserve purchases, saying:

“The $200 level is a significant psychological and technical turning point for Solana, signaling renewed investor confidence and strengthening market liquidity.

Breaking through this threshold will typically attract more buyers and set the stage for further upward momentum.”

The analyst noted that Solana benefited from the announcement that DeFi Development Corp (DFDV) raised $19 million and purchased 141,383 SOL.

Apart from DeFi Corp, Upexi announced the purchase of 100,000 SOL, and Mercurity Fintech announced the purchase of $200 million worth of SOL.

Liu also said that spot Solana ETFs, expected to launch next October, also contributed to the rise.

“As optimism around Solana ETFs grows ahead of the US SEC decision on October 10, Solane and altcoins are on the rise amid deepening liquidity and rapidly shifting momentum.”

VRG Research Director Nick Ruck said that the Block Assembly Market (BAM), developed by Jito Labs, was influential in Solana’s rise.

BAM aims to bring transparency and verifiability to transaction processing on Solana, foster programmable innovation, and create new revenue streams for developers. The platform aims to provide developers and validators with the ability to generate revenue from blockchain space while also improving the user experience by making it faster and more reliable.

*This is not investment advice.