Solana Price Targets $150, Driven by Upcoming 2024 Breakpoint Conference and Whale Accumulation
Solana price plunged 1.73% to $136 during Asian trading hours on Saturday. The slight drop coincides with the broader market cooling after a recovery earlier this week. However, ahead of the 2024 Breakpoint conference and whale accumulation, a bullish reversal is more likely for SOL price.
As the 2024 Breakpoint Approaches, Is Solana on Track to Hit $150?
Canadian public company Cypherpunk Holdings has officially changed its name to Sol Strategies to emphasize its new Solana-centric investment strategy. The shift reflects the company’s broader goal of becoming more deeply integrated into Solana’s infrastructure and finding growth opportunities in areas such as DeFi, NFTs, and decentralized applications (dApps).
Amid the rebranding, Solana’s price surged to a two-week high of $139.2 on Friday.
Sol Strategies will enable shareholders to gain visibility into the company’s holdings and staking of Solana and any further investments in Solana-based products.
“With the rebranding of the company as Sol Strategies, we will be able to capitalize on the growth potential within the Solana ecosystem,” said Sol Strategies CEO Leah Wald.
The press release also highlighted that the company is committed to operating its own validator nodes on Solana through third-party service providers.
Another factor driving the bullish outlook for Solana is the upcoming Breakpoint 2024 conference, which will be held in Singapore on September 20-21. This highly anticipated event will bring together top developers, investors, and industry leaders to discuss the future of the Solana ecosystem.
In addition, according to Lookonchain data, earlier today, a whale bought 10,000 SOL (worth about $1.37 million) and staked it. This large holder has accumulated and staked about 50,000 SOL (worth $6.85 million), generating 174 SOL (237,000 US dollars) in rewards.
The transaction highlights the long-term confidence in Solana’s price prediction.
SOL Price Hints at Major Reversal
Solana price has made a V-shaped reversal from the $120 support level to $136, up 13.76% from the previous week. This uptrend marks a new bull run in the range formation since mid-March, which is characterized by two descending trendlines.
A potential breakout above the 200-day exponential moving average (EMA) could strengthen the bullish momentum and target the $180 resistance level before a range breakout.
However, if the supply glut persists, sellers are likely to re-challenge the $100 support and extend the corrective move to $80.
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