Solana Breaks $200 for First Time Since February as ETF Hype and On-Chain Activity Signal More Rally

• Solana surged past $200, supported by ETF inflows and corporate accumulation.
• Technical indicators show strong bullish momentum but signal overbought conditions.

Solana (SOL) climbed above $200 for the first time since February, backed by surging ETF inflows and large-scale accumulation.

According to our data, SOL trades at $197.78 on July 22, up 3% daily and 27% in the past week. The asset now stands just 32% below its all-time high of $293.31.

A key driver of the rally is Nasdaq-listed DeFi Development Corp’s recent purchase of 999,999 SOL, worth $198 million. The firm confirmed that the tokens were immediately staked, underlining its confidence in Solana’s long-term yield potential. With $5 million still available in its reserves, additional buying may follow.

The recent acquisition included spot purchases, discounted locked SOL, and 867 tokens earned through staking, validator revenue, and “other on-chain activity,” according to DeFi Development Corp.

1/ JUST 1 $SOL TO GO…

That's right, DeFi Dev Corp. now holds 999,999 $SOL on our balance sheet after raising $19M from our Equity Line.

$192M of SOL stacked. Staked. Compounding. Onchain.

Who is ready for us to accumulate the next 1,000,001 $SOL?! pic.twitter.com/K2B6ZxJIId

— DeFi Dev Corp. (@defidevcorp) July 21, 2025

ETF flows have also played a major role. The newly launched REX-Osprey SOL + Staking ETF surpassed $100 million in assets under management. As of July 18, it held $101.7 million, helping direct institutional demand toward SOL and boosting confidence across the market.

Technical Indicators Signal Continued Strength

On the daily chart, Solana maintains a strong uptrend. Price action shows consistent bullish candles, with current levels hovering near $198.28 after a daily gain of 1.32%. The RSI reads 80.43, well into overbought territory, suggesting high momentum but also signaling the possibility of short-term corrections.

Source: Trading View

The MACD indicator continues to print bullish signals. A wide gap between the MACD line (10.157) and the signal line (6.502) confirms strong market pressure in favor of buyers. The histogram remains positive at 3.655, showing no signs of immediate exhaustion.

Open Interest has also surged. CoinGlass data recorded a new high of $11.03 billion, up from $9.52 billion earlier in the week. Trading volume followed suit, jumping from $21.06 billion to $34.62 billion, indicating robust derivatives activity and rising investor confidence.

Strong network fundamentals underpin Solana’s price surge. In the past 24 hours, daily active addresses have increased by 9%, while daily transactions have resumed their parabolic rise from 2024 levels. This uptick in activity highlights the ecosystem’s genuine growth, beyond just price gains.

Solana’s Total Value Locked (TVL) has hit a six-month high of $10.3 billion, marking a 63% increase from $6.1 billion on April 8. This growth is particularly significant, with Solana now holding a 6.28% market share, making it the second-largest blockchain by TVL, trailing Ethereum, which commands 68%.

Jito’s Block Assembly Announcement Adds Fuel

Another factor contributing to SOL’s rally is Jito Labs’ upcoming launch of the Block Assembly Marketplace (BAM). The upgrade will introduce a specialized sequencing layer powered by Trusted Execution Environments (TEEs). These features are designed to reduce MEV, enhance transaction throughput, and allow developers to monetize blockspace through programmable infrastructure.

Jito’s enhancements align with the broader Solana narrative of performance-first scalability. The BAM upgrade is expected to bring additional institutional and developer interest, reinforcing SOL’s position as a top Layer 1 platform.

With market capitalization pushing past $105.9 billion and sustained inflows from ETFs and corporate buyers, Solana is positioned for further upside. The key resistance lies beyond the $250 mark, but with momentum building across spot and derivatives markets, a breakout toward that level remains on the radar.