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.