Solana Surges 13% as Bitcoin Tops $122K; Altcoin Season
Solana surged 13% to $174.45 as Bitcoin topped $122,000, reigniting traders’ risk appetite. Mixed US inflation figures—June CPI at 2.7% and PPI at 2.3%—eased Federal Reserve tightening fears ahead of the July 30 FOMC meeting. Bitcoin also gained 2% from $119,000 levels.
Ethereum saw ETF inflows exceed $193 million, while Solana products attracted $3.3 million, underscoring growing institutional interest alongside corporate buyers like SharpLink Gaming and BitMine Immersion. Solana’s network fundamentals remain robust: daily transactions exceed 100 million, staking participation is 66.43% with a 7.17% annual yield, and on-chain revenue plus app fees have rebounded since May.
The surge was further fueled by Pump.fun’s ICO, which generated nearly 30 million trades and $1.7 billion in DEX volume—94% in meme tokens—despite Bonk retaining the highest overall volume. With Bitcoin liquidity clustering around $120,000 and Solana showing independent strength, traders may find renewed crypto trading opportunities as the altcoin season accelerates.
Bullish
News of Solana’s 13% rally on Bitcoin’s breakout, combined with easing inflation data, ETF inflows, and robust network metrics, points to bullish momentum for SOL. In the short term, traders may chase the strong price action and increased liquidity around $120k Bitcoin. Longer term, Solana’s high staking participation, improving on-chain revenue, and institutional adoption support sustained growth. Additionally, the Pump.fun ICO’s record volume highlights rising demand for Solana-based DeFi projects, further reinforcing a positive outlook.