Solana Smashes Back to $200, Could New Highs Be Next? – MAXBIT

Solana (SOL) has reclaimed the $200 mark for the first time since June 6th. The fifth-largest crypto by market cap has added almost 50% gains over the past month alone.

The latest uptick has sparked a surge in crowd interest.

Is $220 the Next Stop?

While temporary re-tests of this level are likely, crypto analytic platform Santiment noted that the long-term outlook is supported by SOL’s two-month high in development activity.

According to the analytics firm, SwissBlock’s latest market report, ‘Altcoin Vector,’ Solana is entering a strong momentum phase, which is similar to Ethereum’s earlier performance this year. ETH led the market with multiple sharp upward moves and attracted early capital rotation, while Solana is now beginning its turn.

The firm revealed that for Solana to sustain this momentum, it needs to flip $200 from resistance into support, just as Ethereum successfully turned $3,000 into a stable base during its rally. AltcoinVector also noted that Solana’s market structure and price impulses are aligning, and indicates that capital rotation is shifting toward SOL, which is now starting to “shine” in this active market cycle.

Experts believe that this shift could continue for one to two weeks. They identified $220 as Solana’s first major target, after comparing it to Ethereum’s $4,000 level in significance during its rally. Reclaiming this level would signal strong momentum, setting Solana up to hit a new all-time high within days. The expert expressed confidence that if current conditions hold, SOL could break its previous ATH by August.

SOL’s Institutional Adoption

While traders eye SOL’s next targets, institutional adoption is also gaining momentum.

For instance, DeFi Development Corp (DFDV) has expanded its Solana holdings to nearly one million SOL, after acquiring 141,383 SOL between July 14 and July 20. The stash is worth around $19 million. The Florida-based company’s total SOL and equivalents, including staking rewards, now stand at 999,999 SOL, which is approximately $190 million.

DFDV stakes its assets across various validators, including its own, to capture native network yield. It also actively engages in Solana’s DeFi ecosystem, earning 867 SOL within a week. The company is among the few publicly traded firms to use Solana as a core treasury asset.

Bitcoin mining firm Bit Mining announced plans to raise $300 million to build a Solana token treasury. Additionally, tech investment firm MemeStrategy also became the first publicly listed company in Hong Kong to invest in Solana.