Solana Price Dips Below $150 Amid Institutional Activity

Solana (SOL) experienced a notable price dip below $150, trading at $148.56, reversing gains from a recent 10% rally. This decline occurred even as institutional interest remained strong, highlighted by DeFi Dev Corp’s acquisition of an additional 65,305 SOL worth approximately $9.8 million. The purchase, made through BitGo’s OTC desk to generate native yield from locked tokens, further increased DeFi Dev Corp’s total SOL holdings to 317,273 SOL, valued at nearly $47.6 million. Technical analysis reveals a mixed scenario where bullish patterns, such as a breakout from an inverse head-and-shoulders pattern and positioning above key exponential moving averages (50-, 100-, and 200-day), suggest the possibility of a recovery toward an upside target of $176. However, the presence of bearish signals like a flattening MACD and declining volume, combined with the critical test of the $140-$150 support zone, indicates that the short-term market may face further selling pressure if key levels are not maintained. Overall, the strategy adopted by DeFi Dev Corp reinforces a long-term alignment with the Solana ecosystem despite the current price slip, leaving traders to closely monitor technical levels and broader market sentiments.