Solana Surges 12% Above $200 Amid Renewed Investor Confidence

Solana's price surged 12.26% in the last 24 hours, reaching $203.5, marking its highest level since February 5. Vincent Liu, chief investment officer of Kronos Research, noted that the $200 threshold represents a significant psychological and technical milestone, reflecting renewed investor confidence and enhanced liquidity in the market. He emphasized that surpassing this level could attract more buyers and encourage further momentum. Factors contributing to this rise include the Jito Foundation's new Block Assembly Marketplace (BAM), aimed at transforming transaction sequencing on the Solana network. BAM promises transparency and programmability while reducing harmful miner extractable value (MEV), with a launch expected on the Solana mainnet soon. LVRG Research's Nick Ruck remarked that this development could significantly boost transaction efficiency, privacy, and flexibility, attracting investor interest even amid a downturn in the memecoin market. Additionally, Kronos’ Liu pointed out that the DeFi Development Corp's recent announcement of raising $19 million and purchasing 141,383 SOL to enhance their treasury also positively influenced Solana's price. There’s also growing optimism surrounding a potential Solana ETF, which could be approved in October, further strengthening market dynamics. Liu commented on the deepening liquidity and fast-shifting momentum favoring altcoins ahead of the October 10 U.S. decision. In contrast, Bitcoin dipped slightly by 0.65% to $117,182, while Ethereum, XRP, and BNB showed modest gains. Bitcoin’s market dominance is currently at 60.6%, reflecting a 7.5% decline over the past month. Nassar Al Achkar from CoinW exchange noted that Ethereum and other altcoins are beginning a new bullish trend against Bitcoin, expecting Ethereum’s value to rise, supported by institutional strategies and investor anticipation of a surge similar to recent Bitcoin activity.