Solana jumped 2.3% on Thursday, with analysts pointing to rising interest from treasury firms and institutions. At one point, the price of Solana (SOL) surged nearly 5% before pulling back slightly, settling around $212. This rise comes as part of a broader movement in the crypto market.

Bitcoin also saw gains, trading at approximately $113,000 — a 0.9% increase in the last 24 hours. The price move coincided with positive investor sentiment following strong earnings from Nvidia and signs that the U.S. economy is performing better than expected.

Meanwhile, Ethereum and XRP didn’t fare as well. Ethereum dropped 2.7% to trade around $4,500, still below its all-time high from earlier this week. XRP slipped by 0.8%.

Nvidia’s financial performance caught Wall Street’s attention. The tech giant reported record profits and its ninth consecutive quarter of over 50% revenue growth year-over-year, generating $46 billion in Q2 alone. Despite not selling its advanced AI chips to China during this time, Nvidia still delivered strong results. However, its stock dipped 1.3% on Thursday to $179, though it’s still up 2.6% this week and 34% since the start of the year.

Why does this matter for crypto? Nvidia holds an 8.8% weighting in the S&P 500 index. Since cryptocurrency prices, especially Bitcoin, often move in line with tech stocks and the broader equity market, changes in Nvidia’s stock price can influence Bitcoin’s value.

Adding to the optimism, the U.S. Commerce Department announced that gross domestic product (GDP) grew at an annualized rate of 3.3% in Q2 — better than economists’ forecast of 3%. This suggests the U.S. economy remains resilient despite ongoing trade policy shifts.

Solana’s recent performance is particularly notable given that much of the recent excitement in crypto has centered around Ethereum hitting new highs. Since August 10, Solana has shown strength compared to both Bitcoin and Ethereum, bouncing back from earlier lows.

Jake Ostrovskis from Wintermute noted that there’s increasing demand from treasury-focused firms looking at Solana as a strategic asset. Earlier this week, it was reported that Pantera Capital is planning to raise $1.25 billion for a Nasdaq-listed fund focused on holding Solana.

This growing interest could help manage the supply of SOL tokens that are being released each month by the now-defunct FTX exchange — roughly 609,000 SOL monthly. By moving these tokens into long-term treasury holdings and staking them, the effective supply in circulation could shrink. That reduction in available tokens might help support higher prices going forward.

In summary, both macroeconomic strength and company-specific events like Nvidia’s earnings are influencing crypto prices, while Solana is standing out thanks to increased institutional attention and potential supply constraints.