\n
<\/p>\n
Solana is holding a major support area even after its latest correction. After reports that the CLARITY Act failed to advance in the US Senate, the crypto asset took a plunge from over $101 to under $96 before a minor recovery.<\/p>\n
Ali Martinez found that 72 million SOL previously traded around this level, which makes the zone significant.<\/p>\n
Institutional demand is also strengthening through US spot SOL ETFs. It has now recorded nine straight weeks of net inflows, and more than $200 million entered these investment vehicles over the past month. Almost $28 million in inflows were recorded in August alone.<\/p>\n
At the same time, exchange supply continues<\/a> to fall as more than 3 million SOL have been withdrawn from exchanges during the same period.<\/p>\n Network activity remains elevated as well. Solana reached a peak of 12 million new addresses on September 11, and it is still adding roughly 10.8 million new addresses each day. According to Martinez, these factors – the strong support level, ETF demand, lower exchange supply, and continued network growth – indicate<\/a> that the current correction could be short-lived.<\/p>\n Solana has been seeing growing activity from tokenized stocks, especially after traditional markets close. CryptoRus recently said<\/a> that 63% of the network’s tokenized-equity activity happens after Wall Street closes. There are now more than 727,000 holders. Additionally, Solana’s TVL rose more than 18%, from around $4.82 billion to roughly $5.7 billion.<\/p>\n Corporate treasuries are building exposure too. DeFi Development Corp. now holds about 2.39 million Solana tokens and SOL equivalents after adding 55,491 since August 27. It has also established a $300 million at-the-market program for its CHAD perpetual preferred stock.<\/p>\n Most of the proceeds will be used to purchase more of the crypto asset. CHAD carries an initial annual dividend rate of 13%. DeFi Development Corp. recently restarted regular purchases of SOL and now has the second-largest Solana treasury, behind Forward Industries.<\/p>\n Despite the recent choppy <\/a>price, SOL is almost 30% up over the past month. Market watcher Ella believes that a move back above $100 would take some pressure off the crypto asset. The focus should be on reclaiming $102.5.<\/p>\n However, if $95 breaks, the price could fall toward $93-$94. With the Fed decision still ahead, Ella expects volatility to pick up.<\/p>\n The post Solana (SOL) Correction or Short-Lived Dip? Here’s Why Bulls Aren’t Giving Up<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nVolatility Incoming?<\/h2>\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Solana is holding a major support area even after its latest correction. After reports that the CLARITY Act…\n","protected":false},"author":2,"featured_media":47194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-47193","post","type-post","status-publish","format-standard","has-post-thumbnail","category-crypto","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/47193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47193"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/47193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/47194"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}