DeFi Development Corp Boosts Solana Holdings by 64% to 690,420 Coins

DeFi Development Corp, a company focused on building a Solana treasury strategy, has announced an additional acquisition of 47,272 SOL coins for approximately $7.03 million. This acquisition brings the company's total holdings to 690,420 SOL coins, valued at around $102.7 million. The company has increased its SOL holdings by more than 64 percent in the past two months, with plans to stake these coins to ensure a steady yield income for its investors.

The Solana network has seen a surge in interest from institutional investors, with the U.S. Securities and Exchange Commission (SEC) increasing engagement with fund managers seeking to offer spot Solana ETFs. This engagement suggests potential approval ahead, further boosting the network's appeal. The rising demand from both retail and institutional investors has led to a significant increase in active addresses on the Solana network, with over 14.63 million active addresses recorded in the past 24 hours.

The SOL price has established a robust support level around $125 over the past year. While the weekly timeframe suggests a potential reversal pattern, the shorter timeframe indicates potential bullish sentiment. Crypto analyst Ali Martinez highlights that the 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 could trigger a fresh bullish rally towards the next major liquidity level around $200.

With DeFi Development Corp's significant investment in Solana and the network's growing institutional support, the future of SOL price looks promising. The company's strategy to stake its holdings for reliable yields and the network's increasing active addresses suggest a bullish outlook for Solana. However, the SOL price must maintain its support levels to sustain this momentum and avoid potential capitulation.