Solana price plunged 1.73% to $136 during the Asian trading session on Saturday. The slight downtick coincides with a broader market cool-off from early week recovery. However, SOL prices are better positioned for a bullish reversal ahead of Breakpoint Conference 2024 and whale accumulation.
Solana Price Eyes $150 as Breakpoint 2024 Approaches?
A Canadian-listed company, Cypherpunk Holdings, has officially rebranded Sol strategies to accentuate its new investment strategy centered on Solana. This transition reflects the company’s broader goal to integrate more deeply with Solana’s infrastructure, identifying growth opportunities in sectors like DeFi, NFTs, and decentralized applications (dApps).
Amid the rebranding, the Solana price surged to a two-week high of $139.2 on Friday.
Sol strategies will allow shareholders to gain exposure to the Company’s holdings and staking of Solana and any further investment made into Solana-based products.
“With the Company rebranding to Sol Strategies, we are positioned to capitalize on the growth potential within the Solana ecosystem,” said Leah Wald, CEO of Sol Strategies.
The press release also highlights that the company is dedicated to operating its own validator node on Solana through a third-party service provider.
Another factor boosting SOL’s bullish outlook is the upcoming Breakpoint Conference 2024, set for September 20-21 in Singapore. This highly anticipated event will gather top developers, investors, and industry leaders to discuss the future of Solana’s ecosystem.
Moreover, a whale bought 10000 SOL (worth approximately $1.37 Million) earlier today and staked it according to Lookonchain data. This large holder has accumulated and staked around 50000 SOL (worth $6.85 M), generating a reward of 174 SOL (23.7k).
A whale bought another 10,000 $SOL($1.37M) and staked 11 hours ago!
In the past month, this whale has bought and staked a total of 50,000 $SOL($6.85M), generating 174 $SOL($23.7K) in rewards.https://t.co/1YCSgze4nv pic.twitter.com/X2p4hatV5e
— Lookonchain (@lookonchain) September 14, 2024
This transaction highlights the long-term confidence in Solana price prediction.
SOL Price Hints at Major Reversal
The Solana price shows a V-shaped reversal from $120 support to $136— a 13.76% increase since last week. The upswing marks a new bull cycle within a range formation characterized by two downsloping trendlines since mid-March.
A potential breakout 200-day Exponential moving average (EMA) could bolster the bullish momentum and target $180 resistance before a range breakout.
SOL/USDT -1d Chart
However, if the overhead supply persists, the sellers could rechallenge the $100 support and extend correction trend to $80.
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