Solana leads altcoin season rally, powers past $200

Solana (SOL) has reclaimed the $200 mark after falling to around $155 in late July, following the renewed interest in the market amid the ongoing altcoin season rally.

According to CryptoSlate’s data, the digital asset rose by more than 14% in the last 24 hours from $175 to as high as $202 as of press time.

The rally pushed the network’s market capitalization above $100 billion, signalling the renewed investor confidence the digital asset had drawn.

Market sentiments around Solana remain largely bullish, with crypto bettors on Polymarket expecting further price increases.

According to the platform’s data, around 84% of participants expect SOL to hit $210, while 43% believe the token could set a new all-time high before the end of 2025.

DeFi TVL rises

Meanwhile, Solana’s decentralized finance ecosystem is also experiencing significant growth.

Data from DeFiLlama shows that total value locked (TVL) in SOL terms hit more than 58 million tokens this week, marking the highest level in over three years.

Moreover, the dollar value of assets locked on the network has exceeded $11 billion for the second time this year, a milestone last reached in January.

At the same time, Solana’s decentralized exchange (DEX) activity has also maintained its lead over Ethereum for ten consecutive months.

Solana treasury companies

In addition to the current market trends, institutional activity appears to be supporting Solana’s gains.

As of the end of July, CoinGecko reported that Upexi, Inc. has emerged as the largest publicly traded holder of Solana, with 1.9 million SOL acquired at an average price of $168.63. These holdings are currently valued at $319.5 million.

Close behind is DeFi Developments Corp, which owns 1.18 million SOL purchased at an average of $137.07, now worth $198.9 million. This reflects an unrealized profit of approximately $36.8 million.

In addition, Toronto-based SOL Strategies holds 392,667 SOL, bought at an average of $158.12, representing an unrealized gain of about $3.9 million. Torrent Capital, while maintaining a smaller position of 40,039 SOL acquired at $161.84, is also in profit by roughly $200,000.

In total, these four firms collectively control over 3.5 million SOL, with a combined market value exceeding $591 million.

This represents about 0.65% of the circulating supply, underlining the growing appetite among publicly listed companies for Solana exposure and highlighting increasing institutional confidence in the asset’s long-term potential.

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