Solana’s $200 Comeback Is No Mere ‘Speculative Pop’

Solana (SOL) has emerged as one of the month’s top gainers, rising over 20% as optimism spreads across the crypto market.

Analysts say Solana’s return above $200, though brief, reflects genuine adoption trends, as it’s driven by record on-chain activity, DeFi growth, and macro tailwinds, and not mere speculation.

“Setup Is Constructive”

In a statement to CryptoPotato, experts from B2BINPAY stated that Solana’s jump back above $200 this week is “more than just a speculative pop.”

On-chain metrics, for one, reflect strong growth, as daily active wallets are nearing 3 million. Blockchain throughput has also tripled since July, while DeFi total value locked reached its highest point since 2022. Expanding NFT activity, GameFi adoption, and Visa’s recent USDC settlement pilot on the Solana network add further credibility to its rally, according to the analysts.

From a technical perspective, the $200 mark has emerged as a solid support level, with relatively thin resistance between $219 and $222. A decisive breakout above that range, accompanied by strong volume, could open the door for a rapid advance toward $250-$260. This move is supported by falling Bitcoin dominance, which points to an ongoing altcoin rotation, while neutral funding rates indicate the market isn’t overly leveraged.

Macro conditions are also favorable, with a softer US dollar, September rate-cut expectations, and strong risk appetite in equities channeling liquidity into high-beta assets like Solana. B2BINPAY’s outlook remains bullish as long as SOL stays above $200 and BTC dominance continues to weaken, though a drop below $180 could pause the upward momentum.

“We think that until SOL holds $200 and BTC dominance is weakening, Solana remains one of the market’s top performers into late August. However, a break below $180 would put the rally on pause.”

Large whale holdings have also been on the rise, as those with more than 10,000 SOL jut reached a new all-time high.

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Solana’s Institutional Momentum

With its rally backed by real-world use cases, Solana is increasingly finding a place in institutional portfolios once dominated by Bitcoin and Ethereum.

As reported earlier, four publicly traded companies have collectively amassed over 3.5 million SOL tokens, which roughly represent 0.65% of the circulating supply.

Upexi holds the largest publicly disclosed treasury with 1.9 million SOL, which were accumulated in just four months since April 2025. Next up is DeFi Developments Corp, which has a stash of 1,182,685 SOL.

Toronto-based SOL Strategies owns 392,667 SOL, acquired steadily through a dollar-cost averaging approach between June 2024 and July 2025, supplemented by staking rewards. Torrent Capital rounds out the list with 40,039 SOL, purchased earlier in 2025 across multiple transactions.