Solana’s native token SOL crossed the $200 mark on Tuesday, its first time above that level since late July. The price climbed 15.67% over the past 24 hours to $201.22, pushing its weekly gain to more than 23% and leaving the broader crypto market’s 4.2% rise in the shade.
The market cap of Solana currently stands at $108.59 billion, and the 24-hour trading volume currently stands at $12.71 billion, surging 118.04%.
The move was helped by a well-timed piece of corporate news. Upexi Inc., a Nasdaq-listed consumer products firm, said it had set up a Solana-focused advisory board headed by BitMEX co-founder Arthur Hayes.
Upexi also revealed it holds $316 million worth of the token and intends to deepen its involvement with projects built on Solana’s network. Its shares jumped 20% in pre-market trade after the announcement.
For Solana, corporate buying matters. Public companies now own around 8% of their available supply, a concentration that can make the token harder to source for other investors. That scarcity, combined with speculation over possible U.S. regulatory approval for Solana-based investment funds, has helped reinforce bullish sentiment.
The $200 level carries weight in markets. It is both a psychological benchmark for traders and a sign of renewed strength in the asset. Solana briefly touched $205.87 before slipping back, with investors now watching to see if it can hold the ground it has regained.
The rally comes amid a wider shift into alternative cryptocurrencies. Ethereum’s share of the market has dropped to its lowest since December last year, while Solana has led the pack in daily gains, outpacing Ethereum’s 7.9% climb.
Vincent Liu, chief investment officer at Kronos Research, called the move “a key milestone” for Solana. While some caution that a pullback is possible after such a sharp rise, the combination of institutional demand and a livelier altcoin market could keep prices supported.
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