Ah, Solana! The digital darling of the crypto world, currently trading at a modest $159.5, down a cheeky 3.84% in the last 24 hours. This little dip, my friends, is not just a random act of market whimsy; it coincides with the DeFi Development Corp’s dramatic withdrawal of its $1 billion fundraising plan for a Solana purchase. Talk about a plot twist worthy of a Dostoevsky novel! 📉
In a twist that would make even the most seasoned bureaucrat chuckle, the U.S. Securities and Exchange Commission (SEC) has deemed DeFi Development Corp’s Form S-3 filing as ineligible. Apparently, they forgot to include a management report on internal controls over financial reporting. Who knew paperwork could be so thrilling? 🥱
But fear not! The company has announced its grand plan to refile using a resale registration statement at a later date. They had previously outlined their noble intention to use the proceeds to hoard more Solana tokens, because who doesn’t love a good token hoard? 🏴☠️
DeFi Development Corp has already amassed over 609,000 SOL, worth nearly $97 million, with its last reported purchase occurring at an average price of $139.66. A true collector’s item, if you will! 💎
Long-Term Optimism
Despite the short-term sell pressure, the market sentiment around Solana remains as optimistic as a cat in a sunbeam. SOL seems to be breaking out of a week-long ascending triangle pattern that had capped its price at $155.2. Will it soar? Only time will tell! ⏳
According to the ever-hopeful crypto analyst Ali Martinez, if this breakout sustains, the price could rise to $164 in the near term. Fingers crossed, folks! 🤞
$164! ✅
— Ali (@ali_charts) June 11, 2025
The long-term bullish outlook for Solana is also supported by increasing institutional demand. Multiple asset managers, including Grayscale, VanEck, Bitwise, and 21Shares, have filed for spot Solana ETFs. It’s like a crypto party, and everyone’s invited! 🎉
Bloomberg analyst Eric Balchunas recently raised the probability of a 2025 Solana ETF approval to a staggering 90%, citing the SEC’s proactive stance. Crypto commentator Santolita noted that such a green light could “trigger a full-blown altseason.” Sounds like a summer blockbuster, doesn’t it? 🍿
Bloomberg just dropped updated odds for upcoming spot crypto ETFs:
• $LTC — 90% • $SOL — 90% (raised from 70% 👀) • $XRP — 85% • $DOGE — 80%
If these go live, it’s not just bullish, It’s a full-blown altseason trigger 🔥
I hope you’re stacking $LTC
— Santolita (@SantoXBT) June 12, 2025
SOL Price Outlook
On the daily SOL price chart, the Bollinger Bands are tightening, suggesting reduced volatility and a potential breakout. The price is hovering just below the midline (20-day SMA) at $160.95. If SOL fails to maintain this support, it could see a drop to the lower band at $141. A classic case of “what goes up must come down!” 🎢
SOL price chart with RSI and Bollinger Bands | Source: Trading View
The RSI is currently sitting in a neutral region, indicating market indecision but sufficient room for upside. A decisive daily close above the $160 resistance could lead the sixth-largest cryptocurrency to rally towards $180. Will it be a glorious ascent or a tragic fall? Only the crypto gods know! 🙏
Meanwhile, the MACD has recently flipped bullish, with the MACD line just crossing above the signal line. However, for confirmation, sustained green histogram bars are required. It’s like waiting for the perfect moment to pop the champagne! 🍾
SOL price chart with MACD | Source: Trading View
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2025-06-12 18:38