What you should know:

• SOL was priced at $144.14, representing a 2.06% decrease, as it held near the lower end of its consolidation range.
• All seven applicants for Solana’s spot ETFs updated their S-1 filings this week to incorporate staking.
• The DeFi Development Corp has initiated a $5 billion equity line of credit strategy to enhance its SOL purchases, already holding over 609K SOL valued at over $97 million, and plans to submit a resale registration.
• Whale wallets transferred more than $323 million in SOL amid diminishing retail activity.

Despite decreasing prices recently, institutional activity suggests a strengthening interest in the Solana ecosystem. As retail activity wanes, institutional support has provided a stabilizing effect for SOL’s price.

Technical Analysis Highlights

• SOL fluctuated in a 24-hour range of $4.57 (3.08%), with prices moving between $144.13 and $148.70.
• Initial trading strength diminished, gravitating downwards towards a support level at $144.
• Resistance remained firm around $149, while short-term rejections occurred at $145.78.
• Significant selling activity was noted between 13:41 and 13:47 UTC, leading to a drop from $145.95.
• Whale accumulation continued below the $146 level, although sustained follow-through was limited.