After Itcoin’s ATH exceeded $123,000, the rally changed to Ethereum (ETH) and Altcoins.
As Ethereum approaches the new ATH above $3,700, Altcoins is also making great profits.
Solana (Sol) was also one of these Altcoins.
Solana is on the rise!
Data shows Solana has regained the $200 level for the first time since February 5th.
According to Block, analysts cited the agency’s purchases as a catalyst for the rise of Solana, with the launch of the block assembly market and the purchase of millions of dollars worth of additional sols for the Treasury by companies like Defi Development Corp.
Vincent Liu, Chief Investment Officer of Kronos Research, said Solana Rally is supported by the purchase of Sol Corporate Reserve.
“The $200 level was an important psychological and technical turning point for Solana, renewing investor confidence and strengthening market liquidity.
Breaking this threshold usually sets the stage to attract more buyers and gain momentum even higher. ”
Analysts said Solana benefited from the announcement that Defi Development Corp (DFDV) raised $19 million and purchased 141,383 Sol.
Apart from Defi Corp, Upexi has announced the purchase of 100,000 Sol, and Mercurity Fintech has announced the purchase of $200 million worth of SoL.
Liu also said the Spot Solana ETF, which is scheduled to be released in October next year, also contributed to the rise.
“As optimism around Solana ETFS grows ahead of the US SEC’s decision on October 10th, Solane and Altcoins are growing amid growing liquidity and rapidly changing momentum.”
VRG Research Director Nick Lack said the Block Assembly Market (BAM), developed by Jito Labs, had an impact on the rise of Solana.
Bam aims to bring transparency and verifiability to Solana’s transaction processing, drive programmable innovation, and create new revenue streams for developers. The purpose of this platform is to provide developers and validators with the ability to generate revenue from the blockchain space, while also improving the user experience by increasing the speed and reliability.
*This is not investment advice.