Solana Price Drops 3.84% After DeFi Development Corp Withdraws $1 Billion Plan
Current SOL Trading Status
- SOL trades at $159.5, down 3.84% in 24 hours.
- The decline follows DeFi Development Corp's withdrawal of a $1 billion fundraising plan for Solana acquisitions.
- The U.S. SEC deemed DeFi Development Corp’s Form S-3 filing ineligible due to missing management reports.
Future Plans of DeFi Development Corp
- The company intends to refile its registration statement later.
- It has accumulated over 609,000 SOL, valued at approximately $97 million, with recent purchases averaging $139.66.
Market Sentiment and Technical Analysis
- Despite short-term pressure, market sentiment on SOL remains optimistic.
- Price may rise to $164 if it sustains a breakout from a week-long ascending triangle pattern.
- Bloomberg analyst Eric Balchunas increased the probability of a 2025 Solana ETF approval to 90%.
- Rising institutional demand noted with multiple asset managers filing for spot Solana ETFs.
Price Outlook
- Bollinger Bands indicate reduced volatility and potential for a breakout.
- Current price is near the midline (20-day SMA) at $160.95; failure to maintain this support could lead to a drop to $141.
- A daily close above $160 could initiate a rally towards $180.
- MACD shows bullish signals but requires confirmation through sustained green histogram bars.
