Solana Stays Above $200 with Strong Gains
Solana (SOL) remains above the $200 mark on Wednesday. It has gained 6% this week. The token is showing signs of a continued rise. Investors are optimistic about Solana’s future.
DeFi Development Corp Buys Over 100,000 SOL
DeFi Development Corp (DFDV), a NASDAQ-listed Solana treasury company, bought 104,379 SOL on Tuesday. This purchase was worth over $22 million. The transactions happened on Bitgo (60,000 SOL) and Kraken (40,379 SOL).
After buying, DFDV moved 96,868 SOL to Fireblocks’ custody. As of Wednesday, the company holds 192,462 SOL, valued at more than $42 million.
Solana Open Interest Hits Record $14.68 Billion
Solana’s Open Interest (OI) reached a new high of $14.68 billion. This shows growing confidence in the market. OI rose by over 8% in the last 24 hours, according to CoinGlass data.
Trading volume remains strong at $25.19 billion. Liquidations show $10.38 million in short positions closed, higher than $6.97 million in long liquidations. This suggests bearish traders are exiting as optimism grows.
Solana Nears Key Resistance at $219
SOL price rose 0.5% on Wednesday, continuing a four-day uptrend. It is close to an eight-month high. The token faces resistance at $219, the 61.8% Fibonacci retracement level.
If Solana breaks above $219, it could target $252, the 78.6% Fibonacci level. The MACD indicator crossed above its signal line on Monday, signaling a bullish trend. The RSI stands at 61, showing room for more buying before becoming overbought.
If SOL fails to break $219, it may drop back to the 50% retracement level at $195.
