Solana currency recorded weekly gains from 19.4%, to reach its highest level in seven months at $ 244, and this increase is due to new institutional investments, in particular the purchase of the Galaxy Digital Corporation, equivalent to $ 1.16 billion and the displaced strategic industries by transferring $ 1.65 billion. With the increase in the momentum, the price tests the resistance level of $ 250, which represents the last technical barrier before targeting the price of $ 300 at the end of the year.
Institutional request for Solana currency (Solana)
Galaxy Digital has announced one of Solana’s largest purchases for months, and the agreement includes around 5 million currencies worth $ 1.16 billion which took place by the main trading platforms in a period not exceeding three days.
The first segment of the purchase agreement, amounting to $ 486 million, led the price of Solana currency to exceed its highest level in eight months at $ 220, and also liquidated speculative offers over the price of $ 17 million.
Forward Industries has contributed to the support of Solana Blockchain by converting part of its institutional stores to the network, depending on the low costs of transactions and its ability to develop. With the support of Jump Crypto and Multicoin Capital, the company raised $ 1.65 billion, Galaxy contributed $ 300 million.
Here are the most important characteristics of the vague institutional purchase:
- Galaxy purchases have helped increase the price of Solana currency to more than $ 220 for the first time since the start of 2024.
- Speculation agreements were filtered at a price of $ 17 million with an increase in the increase.
- Solana’s institutional cabinets adopt that they are now part of the institutions’ financial system.
- Analysts believe that this can represent the start of the “Solara season”, with expectations of a price of $ 300 and $ 400 if investments are continuing.
The technical analysis of the Solana part supports the current upward trend
The expectations of Solana’s currency prices remain of a positive nature with its $ 243 circulation approaching the level of resistance of $ 244, after a movement of semi-vertical height since the end of August, and the increased spice model shows the top of the highest indication of an emerging technical structure. The average movement if it works from 50 days to $ 218 as a level of short -term support, while its counterpart is 200 per day to $ 191 in long -term support. As the RSI is 80th, a lateral movement or a grouping stage can occur before any additional extension in the ascending direction, and the last candles indicate the formation of the “three white soldiers” model, which is one of the most important artistic formations supporting the rising waves.
If the Currency Price Maint Movement At The Highest Level of $ 234, The Next Goal Appear at $ 257, followed by its Previous Tops at $ 268 and $ 282, But if it fails to hold the holdings over $ 234, we may Witness a Decline of $ 224 or Until 212. As for shorts -term deals, Entersring a Speculative Center is considering at a high price above $ 244, with a suspension of a loss below $ 224 is a tracking strategy in terms of return to risks.
As for long -term investors, the upward trend is still valid, and the level of $ 300 by the end of the year seems more realistic with the growth of institutions and the clarity of the momentum in technical indicators. More importantly, the participation of Galaxy Digital and Forward Industries is close to this emerging wave of the process of assembling a strategy only of just speculation.
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The Solana-Sol post: Do you again target the level of $ 300 after weekly gains from 19.4%? Does that seem realistic? APPLERDIRST on Arab Cryptonews.
