Solana reclaimed the $200 level for the first time in August, amid renewed institutional interest.
Summary
- Solana touched the $200 level for the first time in August
- Institutional interest in Solana treasuries is increasing
- Markets are betting that Solana will go above $210 by the end of the month.
Solana (SOL) broke through the $200 barrier for the first time in August, fuelled by a wave of institutional accumulation. On Wednesday, August 13, Solana was up 14% to a daily high of $204.47, before consolidating at $198.93.
Bettors on Polymarket put the odds of Solana’s price going above $210 in August at 77%. What is more, the odds of the token going above $250 are 25%. What is more, Analysts at B2BINPAY believe that there is a strong case for Solana to increase further.
“In our view, Solana’s jump back above $200 is more than just a speculative pop. On-chain activity clearly shows this. Daily activity wallets have almost hit 3 million, throughput has tripled since July, and DeFi TVL has reached its peak since 2022. Fresh NFT launches, GameFi growth, and Visa’s new USDC settlement pilot on Solana also add weight,” B2BINPAY analysts.
In their view, Solana could consolidate at $200 support, from where there’s low liquidity until the $219-$222 resistance. Moreover, if Bitcoin (BTC) continues to lose dominance, Solana could see a rally to $250-$260. What is more, markets seem to agree.
Institutional interest fuels Solana’s rise
The likely reason for this price action is growing institutional interest. Notably, Upexi emerged as the largest corporate Solana holder, with more than 2 million SOL. These holdings are currently valued at more than $400 million.
Another standout is the DeFi Dev Corp., which accumulated nearly 1 million SOL by July 22. The company is executing an aggressive accumulation spree, having spent $19 million in just one week in July.
