Solana (SOL) has seen a resurgence in its price, climbing back above the $200 mark after dipping to around $155 in late July. This uptick in price comes amidst a renewed interest in the market during the ongoing altcoin season rally.
According to data from CryptoSlate, Solana has surged by more than 14% in the last 24 hours, reaching as high as $202 at the time of writing. This rally has propelled the network’s market capitalization above $100 billion, indicating a renewed sense of confidence among investors in the digital asset.
Market sentiment surrounding Solana remains largely bullish, with a majority of participants on Polymarket expecting further price increases. As per Polymarket’s data, around 84% of participants anticipate SOL reaching $210, while 43% believe the token could establish a new all-time high before the end of 2025.
In addition to the positive price action, Solana’s decentralized finance (DeFi) ecosystem is also experiencing significant growth. Data from DeFiLlama shows that the total value locked (TVL) in SOL terms has exceeded 58 million tokens this week, marking the highest level in over three years. The dollar value of assets locked on the network has also surpassed $11 billion for the second time this year, a milestone last achieved in January.
Furthermore, Solana’s decentralized exchange (DEX) activity has maintained its lead over Ethereum for ten consecutive months, underscoring the network’s growing popularity and utility in the DeFi space.
Institutional activity has also been a key driver of Solana’s recent gains. CoinGecko reported that Upexi, Inc. has emerged as the largest publicly traded holder of Solana, with 1.9 million SOL acquired at an average price of $168.63. Following closely is DeFi Developments Corp, which owns 1.18 million SOL purchased at an average of $137.07, reflecting substantial unrealized profits.
Other companies like Toronto-based SOL Strategies and Torrent Capital have also made significant investments in Solana, collectively controlling over 3.5 million SOL with a combined market value exceeding $591 million. This trend highlights the growing interest among publicly listed firms in gaining exposure to Solana and underscores increasing institutional confidence in the asset’s long-term potential.
At the time of writing, Solana is ranked #6 by market cap, with a market capitalization of $108.96 billion and a 24-hour trading volume of $12.96 billion. The total crypto market is valued at $4.11 trillion, with Bitcoin dominance currently at 58.39%.
Overall, Solana’s recent price surge, coupled with its growing DeFi ecosystem and institutional backing, position it as a strong contender in the ever-evolving cryptocurrency market.