Main Takeaways:-
- Solana is set for a sharp recovery, as the TD consistently triggers a buy signal on the weekly chart.
- Since Multicoin Capital has invested in SOL, will Kyle Samani use the 7 million USDC he borrowed from Kamino to buy more SOL?
- Solana is trending due to the talk regarding the Solana blockchain and its linked token, SOL.
As the Solana (SOL) price crossed above the significant zone at the $120 level, the $130 zone functioned as a major resistance point that required a pause for sustained upward movement.
Solana Price Movement and Anticipation
After observing the weekly time frame chart of SOL, it indicates a buying opportunity as the TD Consecutive indicators follow after signalling a buy. A bullish signal showed up in the price zone of $129.66.
In the past, TD Sequential buy signals show the impending price surge trends following a period of bearish movement. After SOL fell from its February high, the indicator advised a possible end to the continued bearish trend and generated a buy signal.
SOL could observe boosted consumer confidence if it sustained its price above the $128 support level. If prices move up successfully from this area, SOL could reach $149 for the first time since the recent drop in price showed resistance.
Even though the indicator looked positive, there was a warning that traders should be careful and evaluate things closely.
If Solana does not stay above the $128 support level, it could lead to a drop in price, possibly reaching $115, where the weekly lows were.
Is a Major SOL Purchase on the Horizon?
In addition to possible upward momentum, Kyle Samani, the Managing Partner of Multicoin Capital, borrowed 7 million USDC from Kamino and transferred it all to Coinbase.
The significant investment placement of Multicoin in Solana bred the assumption that Samani could invest his obtained USDC to buy more SOL tokens.
A validated purchase of this scale would lead to strong buying pressure on SOL, which may surge its market value in the upcoming period. The anticipation about these funds moving into SOL is anticipated to reduce if Samani does not buy SOL tokens.
This could lead to the risk of selling and less buying pressure in the short term.
Top Trending Tokens on Social Media Right Now
In the final point, the crypto market concentrated on Solana as its most popular trend because its creative contribution to the Infinite Money Glitch (IMG) token facilitated user access to receive SOL rewards per five minutes.
Solana increased in relevance by connecting its rewarding mechanism to the surging Real-world implementation of payment platforms.
Key Opinion Leaders (KOLs) from influential voices began to highlight Solana while linking it to consistent liquidity and rising market growth.
Investors keep talking about ‘holdings,’ ‘liquidation,’ and ‘mantra,’ showing their interest in managing assets, decentralised finance, and concerns about the OM token losing stability.
Ongoing talks about speculative activities and ecosystem-related topics can be seen in mentions of NFTs, APED, and MCP. However, SOL stayed the main focus.
Read also:- Ethereum Drops — Is the Worst Over or Just Beginning?
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
