Will Solana’s New Friends in High Places Save It from the Bear Market?

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Well, well, well, what have we here? The Solana (SOL) price, after a rather tumultuous second quarter, finds itself at a crossroads, much like a wizard who’s lost his map. The large-cap altcoin, with a fully diluted valuation of about $92.3 billion and a 24-hour average traded volume of around $4.6 billion, has taken a bit of a tumble, dropping around 3.2 percent in the last 30 days to trade at about $152.83 on Thursday, July 3, during the mid-North American trading session. 📉

And if you thought that was bad, the SOL price has been consistently closing below the 50-weekly Moving Average (MA) for the larger part since March. From a technical analysis standpoint, the SOL price has been forming a potential head and shoulders (H&S) pattern, coupled with a bearish divergence of the weekly Relative Strength Index (RSI). It’s like the market is trying to tell us something, but in a very roundabout way, much like a Discworld prophecy. 📜

But fear not, dear reader, for the midterm bearish sentiment will be invalidated if the SOL price consistently closes above the resistance level around $189. In such a scenario, the SOL price will be aiming to reach a new all-time high in the near future. It’s like a dragon deciding to fly instead of just breathing fire. 🐉

Solana Network Gets Strong Support from DeFi Development

The Solana network has seen a surge in the number of institutional investors adopting its services, or as a form of treasury management. It’s like the wizards at Unseen University finally deciding to use a calendar instead of just relying on the phases of the moon. 🌕

Moreover, the increased engagement between the U.S. SEC and the fund managers seeking to offer spot SOL ETFs signals an imminent approval in the near future, which suggests rising demand from institutional investors. It’s like the Ankh-Morpork Stock Exchange finally getting a proper bell instead of a gong. 🛎️

On Thursday, DeFi Development Corp. (NASDAQ: DFDV) announced the resumption of Solana coin acquisition to bolster its treasury portfolio. The company announced the acquisition of 17,760 Solana coins for about $2.72 million. As a result, DeFi Development now holds 640,585 SOL coins, which are valued at about $98 million. It’s like a dwarf buying a mountain of gold, just because he can. 🏔️💰

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2025-07-04 01:07