Solana Soars on Treasury Buybacks and Derivatives Squeeze

Solana's price has surged by 6.5% over the past 31 hours, driven by a combination of macro-driven crypto short squeezes and derivatives positioning.

The primary catalyst for Solana's rise was a surprise decision by the U.S. Treasury to double long-bond buybacks, which triggered a broad crypto rally and a significant short squeeze.

This move pushed long-dated yields down and benefited risk assets like crypto, with Bitcoin jumping approximately 5.5-5.8% into the high-$60k to $70k region.

Solana was cited as up about 6.5% on the day in this rally, while Ethereum and large altcoins followed suit.