Canada-based firm Sol Strategies has made an addition to its Solana holdings. According to official data, Sol Strategies has acquired 21,200 $SOL.
The new purchase has increased the total holdings of the firm to 189,968 SOL. The move comes at a time when Solana has garnered enough market attention.
Sol Strategies New Move Comes As Solana Gains Market Traction
Sol Strategies’ new move comes at a time when the Solana ecosystem has seen a skyrocketing demand. Solana’s high-performance blockchain, which provides quick and inexpensive transactions, has made many folk on to the ecosystem.
Also, Solana can handle thousands of transactions per second (TPS) without sacrificing decentralization, which sets it apart from many older blockchains.
The high performance is fueled by its special Proof of History (PoH) consensus mechanism, which makes it perfect for decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized applications (dApps) by enabling effective transaction ordering and validation.
Also Read: Solana’s Raydium Overtakes Uniswap as the Top DEX, Nabs 27% of DEX Volume
Why is Solna Garnering More Projects?
Solana has been able to draw in more projects and users thanks to its strong developer environment and expanding network of collaborations.
Solana offers a strong substitute for Ethereum and other slower networks due to its low transaction fees and quickly growing ecosystem. Its popularity among developers, financial institutions, and large-scale projects has increased demand for it, and both institutional and retail investors are still interested in it because to its developing reputation as a scalable, safe, and quick blockchain.
$SOL Price Prediction: Market Indicators Show Bullish Signals
Contrary to the larger market sentiment, Solana is one of those tokens that is seeing a constant bullish investor sentiment.
The token’s indicators reveal that the Fear & Greed Index is currently 72 (Greed), while the attitude is neutral.
Over the past 30 days, Solana has experienced 11.62% price volatility and 14/30 (47%) green days. With 16 technical analysis indicators indicating bullish signs and 16 indicating bearish signals, the overall sentiment for Solana price predictions is neutral.
Solana’s 200-day SMA is expected to rise over the next month, reaching $191.32 by March 06, 2025, according to our technical indicators. Additionally, the short-term 50-day SMA for Solana is predicted to reach $226.57 by March 6, 2025.
One well-liked indicator for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. The SOL market is in a neutral position at the moment, as indicated by the RSI reading of 47.46.
Also Read: Solana’s Stablecoin Supply Sees 73% Surge to $11.1B After $TRUMP Memecoin Debut