Will Solana Price Surpass $150 Ahead of Breakpoint Conference 2024?

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As a seasoned analyst with over a decade of experience in the cryptocurrency market, I find the current Solana price dynamics intriguing and promising. The recent dip to $136 during the Asian trading session might be a minor setback, but it’s important to remember that even the mightiest ships have small waves.

Solana price plunged 1.73% to $136 during the Asian trading session on Saturday. The slight downtick coincides with a broader market cool-off from early week recovery. However, SOL prices are better positioned for a bullish reversal ahead of Breakpoint Conference 2024 and whale accumulation.

Solana Price Eyes $150 as Breakpoint 2024 Approaches?

A Canadian-based company known as Cypherpunk Holdings has renamed its subsidiary from Sol strategies to a new name, emphasizing its shift towards a fresh investment focus concentrated on the Solana platform. This change signifies the company’s ambition to align more closely with Solana’s infrastructure, seeking expansion possibilities in areas such as Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and decentralized applications (dApps).

Amid the rebranding, the Solana price surged to a two-week high of $139.2 on Friday.

Strategies involving Sol will provide shareholders an opportunity to invest in the company’s assets related to Solana, as well as future investments in products tied to Solana.

Leah Wald, CEO of Sol Strategies, stated that with our company now known as Sol Strategies, we are ideally situated to take advantage of the expansion opportunities within the Solana network.

The press release also highlights that the company is dedicated to operating its own validator node on Solana through a third-party service provider. 

As a researcher delving into Solana (SOL), I’m excited about another positive factor bolstering its bullish outlook: the upcoming Breakpoint Conference 2024. Scheduled for September 20-21 in Singapore, this highly anticipated gathering promises to bring together top developers, investors, and industry leaders to explore the future of Solana’s ecosystem.

In addition, it’s been reported that a significant investor purchased approximately 10,000 SOL ($1.37 Million) earlier today and subsequently staked them, as per Lookonchain data. This substantial holder currently holds and has staked around 50,000 SOL ($6.85 M), earning a reward of 174 SOL (23,700).

A whale bought another 10,000 $SOL($1.37M) and staked 11 hours ago!
Over the last thirty days, this whale has purchased and locked up a sum equivalent to 50,000 SOL (approximately 6.85 million dollars), earning 174 SOL (around 23.7 thousand dollars) as returns.
— Lookonchain (@lookonchain) September 14, 2024

This transaction highlights the long-term confidence in Solana price prediction.

SOL Price Hints at Major Reversal

Over the past week, the price of Solana has significantly surged from its support at $120 to reach $136, representing a 13.76% growth. This upward movement indicates the start of a new bullish phase within an ongoing range, which has been defined by two descending trendlines since mid-March.

If the price experiences a significant increase and manages to surpass its 200-day Exponential Moving Average, it could strengthen the upward trend and potentially challenge the $180 resistance level as a prelude to a price range change.

Will Solana Price Surpass $150 Ahead of Breakpoint Conference 2024?

If the overhead resistance continues, there’s a possibility that the sellers might retest the $100 support level, potentially extending the downward price trend towards $80.

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2024-09-14 16:30