Solana (SOL) has achieved a dual milestone, with its price soaring past the $200 mark for the first time since February 15, 2025, while its market capitalization exceeded $100 billion amid a sustained rally. As of July 22, SOL traded at $203.76, marking an 11.97% surge within 24 hours, according to BitcoinWorld data. This rebound follows SOL's market cap reclaiming $100 billion on July 21, reaching $102.6 billion—a 6.7% increase in 24 hours—as reported by crypto.news. The token's market cap now ranks sixth globally, trailing Binance Coin (BNB) by just $9 billion.
The surge is attributed to institutional demand via the REX-Osprey SOL + Staking ETF, which amassed nearly $100 million in assets since launch, alongside ecosystem growth in DeFi and NFTs. SOL gained 25.7% over two weeks and 34.8% monthly, with technical indicators highlighting the $200 breakout as a bullish signal. Support now lies at $180-$190, while the January 2025 all-time high of $293.31 (cap: $117B) remains a target.
Key drivers include Bitcoin's stability fueling altcoin rotations, Solana’s low-fee scalability attracting developers, and upgrades like Firedancer enhancing network reliability. Despite historical volatility and outages in 2022, SOL's resilience underscores renewed investor confidence.