DeFi Dev Corp Acquires Additional 47.2k Solana: What Next for SOL Price?

The post DeFi Dev Corp Acquires Additional 47.2k Solana: What Next for SOL Price? appeared first on Coinpedia Fintech News

DeFi Development Corp. (NASDAQ: DFDV), a company focused on building a Solana treasury strategy, has announced an additional acquisition of SOL. The U.S.-based company acquired an additional 47,272 SOL coins for about $7.03 million.

As a result, DeFi Development Corp now holds a total of 690,420 SOL coins, currently worth around $102.7 million. The company increased its SOL holdings by more than 64 percent in the past two months, which will be staked to ensure a steady yield income. 

Solana Network Gains More Institutional Investors’ Support 

The Solana network has attracted more crypto investors in the recent past, led by institutional investors. As Coinpedia has highlighted, the U.S. SEC has increased engagement with the fund managers seeking to offer spot Solana ETFs, thus signaling potential approval ahead. 

As a result of the rising demand from retail and institutional investors, on-chain data analysis shows that the Solana network has recorded more than 14.63 million active addresses in the past 24 hours.

What’s Next for SOL Price?

Solana price has established a robust support level in the past year around $125. Although the SOL price in the weekly timeframe has been forming a potential reversal pattern, the shorter timeframe suggests potential bullish sentiment.

According to crypto analyst Ali Martinez, SOL price must hold above the support level around $149 to invalidate possible capitulation in the near term. In the four-hour timeframe, the SOL price has been forming a symmetrical triangular pattern after breaking out of a falling logarithmic trend.

A consistent rally above the resistance level around $157 will trigger a fresh bullish rally towards the next major liquidity level around $200.