DeFi Corp Invests $9.8M in Solana After Dip
Key Takeaways
DeFi Development Corp recently purchased $9.8 million worth of Solana (SOL). Prior to the acquisition, SOL’s price had dropped below $150. This investment signals institutional confidence in the Solana network. Technical indicators and liquidity zones point toward a potential price rally toward $176.
DeFi Dev Corp Significantly Increases Solana Holdings
DeFi Development Corp, a publicly traded company (Nasdaq: JNVR), has further expanded its investment in Solana. On April 22, the company purchased 88,164 SOL tokens. Two days later, it acquired an additional 65,305 tokens. This brings the company’s total holdings to 317,273 SOL, valued at approximately $48.2 million — including staking rewards.
These purchases come at a time when SOL’s price had fallen below the $150 mark. Such acquisitions by large market participants (so-called “whales”) can serve as a strong signal to other investors.
Technical Analysis: Upside Potential to $176
Solana’s price movement is showing a bullish structure. The price broke through the previous low at $143 and established support above it, indicating a potential trend reversal.
Two key technical indicators support this outlook:
- OBV (On-Balance Volume): The indicator is above levels seen in February and March, suggesting increasing buying pressure.
- RSI (Relative Strength Index): The RSI indicates a positive market sentiment.
According to chart analysis, the next relevant resistance zones are at $160, $168, and ultimately $176. There are few barriers between the current price level and these targets.
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Liquidity Zones as Potential Price Targets
A look at Coinglass’s liquidation heatmaps reveals where larger liquidity zones are located. These zones often attract price movement, as many open positions are concentrated there:
- Between $155 and $160: First major liquidity zone.
- At $168: Next magnetic zone with potential short liquidations.
- At $176: Possible target if buying pressure continues.
Below the current price, smaller liquidity clusters exist at $130 and $120. These currently play a minor role.
Market Development and Confidence in Solana
In addition to price action, fundamental analysis also shows positive signals. The Total Value Locked (TVL) in the Solana network — the capital committed in protocols — has increased in recent weeks. This indicates growing usage and trust in the ecosystem.
Moreover, institutional investors appear to be shifting capital from Ethereum (ETH) to Solana. This strengthens SOL’s position as a serious alternative in the decentralized finance (DeFi) space.
Our Assessment
The recent purchases by DeFi Development Corp highlight growing institutional interest in Solana. Technical analysis suggests further upside potential. In the short term, price targets of $160, $168, and $176 could be realistic — assuming buying pressure continues.
If you invest in cryptocurrencies or follow market trends, Solana is currently a compelling candidate. Watch the key price zones and monitor further institutional activity. These often provide clues about future price movements.
Sources
- TradingView
- Coinglass
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