Solana (SOL) Price Awaits Breakpoint Announcements as Long-Term Investors Load Up
- WBOYOriginal
- 2024-09-19 18:39:31614browse
The Solana (SOL) ecosystem will be focused in Singapore for the next two days and is awaiting major announcements that could spark bullish sentiment.
Singapore will host the Solana (SOL) environment over the next two days, with key announcements expected to generate bullish enthusiasm. The large-cap altcoin, which has a fully diluted worth of around $80 billion and an average daily trading volume of about $3.4 billion, has been consolidating within a horizontal channel between $122 and $192 over the last six months.
The ongoing SOL price consolidation has enabled long-term investors to accumulate more coins. According to weekly data from CoinShares, Solana’s investment products saw a net cash inflow of about $3.8 million last week, bringing total assets under management (AUM) to around $1.108 billion.
Midterm Solana Price Expectations
An observation about $SOLIn an area of support. If support gives way, then large rectangle will complete and point toward $80 and change pic.twitter.com/66L6We7ewZ
According to veteran trader Peter Brandt, Solana’s price must rebound from the current weekly support level to avoid further capitulation toward $80. However, the 50 bps rate cut by the Fed on Wednesday changed the entire crypto market outlook, with the bulls expected to take control.
Moreover, October, also known as ‘Uptober,’ is less than two weeks away, which will kickstart the fourth-quarter bull run and extend into next year.
Why Bet on SOL?
Besides Bitcoin and Ethereum, the Solana network is the most preferred blockchain by institutional investors and has a thriving web3 environment, with over $4.8 billion in TVL and around $3.8 billion in stablecoins market cap. Already, the monthly active addresses on the Solana network have scaled to an all-time high of above 75 million.
Solana Seeker Mobile
1/ We’ve been deep in build mode for months, and we’re excited to show you what we've been working on.Introducing the next chapter of Solana Mobile: the Solana Seeker ?? pic.twitter.com/2UW3Wqhymw
Meanwhile, the Solana network boasts being the only top-tier blockchain with a dedicated smartphone to enhance the mainstream adoption of its DeFi protocols. Ahead of tomorrow’s Breakpoint event in Singapore, the Solana team has announced a new and sleeker mobile device called Solana Seeker.
The Solana Seeker will be peeking up from the Saga mobile but at a cheaper price of about $450. Moreover, the Solana Seeker will integrate with artificial intelligence to help users generate tokenized AI agents.
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