Solana (SOL) Price Surges 5.91% Following $500 Million Investment Deal
Solana (SOL) Update
- SOL increased by 5.91% in 24 hours to $154.47, with a weekly gain of nearly 15%
- A key factor is a $500 million convertible note facility from ATW Partners aimed at purchasing SOL tokens for staking yield generation
- The deal is unique in the Solana ecosystem, with an initial $20 million disbursement on May 1 and the remainder in tranches
- Interest payments will be made in SOL tokens from staking rewards
- SOL Strategies CEO Leah Wald highlighted this as the largest financing facility tied to staking yield in Solana's history
- The company is listed on Canada’s CSE and pursuing a Nasdaq listing
Technical Analysis
- SOL's chart shows an ascending triangle pattern with support at $147.48 and resistance near $150, indicating a breakout
- If sustained, SOL could reach targets of $180.63, $232.73, and $288.51
- Potential to retest $317 if market momentum continues
- Daily RSI at 66.46 indicates strong bullish momentum but suggests possible short-term pullbacks
- MACD shows positive signals, reinforcing the rally's strength
- SOL is above key exponential moving averages: 50-day EMA at $138.37 and 20-day EMA at $136.70
Source: TradingView