According to BlockBeats, on July 22, The Block reported that Solana rose 12.26% to $203.5 in the past 24 hours, reaching its highest level since February 5. Vincent Liu, Chief Investment Officer of Kronos Research, stated, 'The candlestick breaking above $200 is an important psychological and technical milestone for Solana, indicating a rebound in investor confidence and increased market liquidity. A breakthrough at this critical level often attracts more buying interest, laying the foundation for subsequent upward momentum.'
Analysts point out that there are multiple factors behind Solana's recent rise. Nick Ruck, the research director at LVRG Research, mentioned the Block Assembly Marketplace (BAM) launched by Jito, which is a new block construction architecture aimed at reshaping the way blocks are built on the Solana network. This will greatly enhance transaction efficiency on the Solana network while improving privacy and flexibility.
Vincent Liu stated that Solana's recent rise has also benefited from DeFi Development Corp (DFDV) announcing yesterday the completion of a $19 million financing round and the acquisition of 141,383 SOL, bringing its total Solana treasury to 999,999 SOL. Market optimism regarding the potential launch of a Solana ETF in October this year is continuously growing.
Nassar Al Achkar, Chief Strategy Officer of CoinW trading platform, stated: 'Ethereum and other altcoins have begun a new upward trend relative to Bitcoin. The recent rebound has pushed various mainstream altcoins to their highest levels since last year. As institutions start adopting new reserve strategies and worry about missing out on significant ETH rallies similar to Bitcoin's surge to $120,000, there is still upward potential for Ethereum's exchange rate against BTC.'
