Key Insights:
- Janover now holds over $21 million worth of Solana under its treasury strategy.
- A major supply cluster at $129.79 signals strong support and investor conviction.
- The TD Sequential shows a weekly buy signal, indicating possible bullish reversal.
- Solana’s URPD confirms a $129.79 cost basis shift, with 32M $SOL held at that level, supporting future price stability.
Janover (Nasdaq: JNVR) has purchased 80,567 $SOL worth $10.5 million, bringing its total holdings to 163,652 $SOL. The investment also strengthens the firm’s stake in Solana to over $21 million, showing more institutional support for the asset. As institutional investment grows, Solana’s market outlook is looking increasingly bullish.
Janover and Multicoin Capital Boost Solana’s Institutional Confidence
The latest component of the company’s crypto treasury strategy is Janover’s recent acquisition of 80,567 $SOL at an aggregate value of $10.5M. Upon purchase, Janover’s total $SOL holdings now total 163,652, indicating a continued investment in Solana. The move puts Janover among other institutional investors preparing for long-term growth in the blockchain space.
However, Solana has gained prominence as it continues to increase its market share and has managed to attract interest from major players like Janover in its potential. This means higher $SOL flow to institutional funds, reinforcing Solana as a strong asset in the expanding blockchain industry.
Similarly, Kyle Samani, Managing Partner at Multicoin Capital, recently borrowed 7 million USDC from Kamino and deposited it with Coinbase. Since Multicoin has made a large investment in $SOL, there is speculation that Samani borrowed the funds to buy more.
Strong Support at $129.79
Also on the bullish side from a price-performance perspective is Solana with the URPD (Unrealized Realized Price Distribution). As the data shows, at approximately $129.79, more than 32 million $SOL have been piled up to create a major supply cluster. This means that many investors have bought into the level or around this level, giving us a chance of a strong support zone.
When such a large volume of tokens is acquired at a particular price level, it often acts as a floor during future price drawdowns. This level becomes a key defence point as more tokens are bought and held. Therefore, the $129.79 support zone is expected to hold firm, making it difficult for the price to fall below this point unless significant market changes occur.
This is a strong support level which further pushes Solana to the bullish side as it implies that the buyers have strong confidence in the long term value of the asset.
Technical Indicators Suggest Bullish Momentum for Solana Price
However, Solana’s technicals have improved, as the TD Sequential indicator on the weekly chart flashed a buy signal. After a long wave down, this signal usually starts a bull reversal.
Now, traders are watching the coming weeks to confirm whether this shift is lasting. If Solana’s price action continues to display strength, the asset could see a sustained upward move. As a result, more investors begin paying attention to the bullish technical signals, and demand for $SOL can rise further, thus further strengthening its market position.
Bullish Wave Outlook and Price Targets
Solana has an impulsive upward wave (Wave 3), completing on the 1-hour chart, and after which, it forms a triangle pattern on the 1-hour chart according to waves_academy. The triangle occurs as a continuation pattern, suggesting the bearish trend will continue in a situation after the triangle is complete.
Breaking above the top of the triangle is the key to this setup. If Solana breaks this level and confirms with momentum sustain, it confirms the trend continuation. However, the price target for the upcoming move is between $146.88 and $159.39, which indicates a bullish outlook for Solana.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.