Solana's SOL is on fire! The cryptocurrency surged by a whopping 12.26% over the past 24 hours, hitting $204 on Monday. This marks the highest price level since February 5th, looking good, right?
So, what's behind this rally? Well, Vincent Liu, chief investment officer at Kronos Research, says the $200 mark is a crucial psychological and technical milestone for Solana. It signifies a fresh wave of investor confidence, pushing market liquidity to new heights. As Liu puts it,
"Breaking this threshold often attracts more buyers and can set the stage for further upside momentum."
Sounds promising, huh?
Major Developments and Optimism Fueling Solana's Surge
Analysts point to the Jito Foundation's Block Assembly Marketplace (BAM) as a game-changer for Solana. According to Nick Ruck, LVRG Research Director, BAM is all set to reshape how blocks are built on Solana’s network, bringing transparency and mitigating harmful MEV.
"This development will significantly boost transaction efficiency, privacy, and flexibility," Ruck said.
And it doesn’t stop there—BAM’s debut on the Solana mainnet is just around the corner.
Traders, meanwhile, seem to think Solana was previously oversold. Despite the chaos in the memecoin market, developers are still hard at work, pushing the blockchain forward.
Oh, and don’t forget about the DeFi Development Corp's (DFDV) latest move. They raised a cool $19 million and snagged 141,383 SOL, adding to their Solana treasury, which now sits at nearly 1 million SOL. According to Liu:
"With Solana ETF optimism building ahead of the October 10th U.S. decision, liquidity is deepening and momentum is shifting fast, altcoins are leading the charge."
Could this be the spark that really ignites Solana?
In the meantime, Bitcoin’s down 0.65%, sitting at $117,182, while Ethereum, XRP, and BNB saw some modest gains. Bitcoin’s dominance is down 7.5% over the last month, now at 60.6%.
"Ethereum and other altcoins have found the start of a new bullish trend against BTC," says Nassar Al Achkar, chief strategy officer at CoinW exchange. "Ethereum is likely to climb higher, especially with institutional support and investors eager not to miss out on an ETH surge similar to bitcoin’s jump to $120k this year."
Looks like Solana’s got the momentum, and it might just be getting started! Keep an eye on those developments.
Matvii Diadkov
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