Solana’s (SOL) native cryptocurrency has surged, jumping 15.4% in the last 24 hours to reclaim the $200 mark. This is the first time since July 24, and only the second time this year, that SOL has reached this price point.
The cryptocurrency’s recent performance follows a period where it had underperformed compared to other major digital assets, particularly Ethereum (ETH). Since July 14, ETH has outperformed SOL, flipping it for yearly gains for the first time since September 2024. Over the past year, ETH is up 20% against SOL, and 25% year-to-date.
However, a broader rally appears to be underway in the altcoin market, seemingly sparked by ETH’s recent surge above $4,700—its highest level since its November 2021 all-time high. This movement has benefited several other top cryptocurrencies, which have also posted significant 24-hour gains. Among the top 10 cryptocurrencies by market cap, ETH is up 9.7%, XRP is up 5.2%, BNB 6.4%, DOGE 12.5%, and ADA 13%. Bitcoin (BTC) saw a more modest rise of 1.6% during the same period.
Solana’s momentum may also be bolstered by new digital asset treasury companies. For example, a Solana treasury firm, DeFi Development Corp, recently reported earning an estimated $63,000 per day from its 1.3 million SOL stockpile, valued at over $260 million. Total SOL holdings by public companies are now approaching the $675 million level.
