Is SOL USD Ready to Rip? $300 Incoming As Public Companies Raise Billions To Buy Solana

There is movement in Solana crypto, and it is the refreshing type of price action because yesterday, on September 8, SOL USD pushed higher versus the greenback, closing solidly above $210. As it is, the Solana price is within a bullish formation, and there are hints of buyers stepping in, shaking off the weakness of the second half of August.

Zooming in and checking Coingecko, it appears that SOL crypto buyers are positioning for possible major moves. So far, SOL/USDT is up +69% year-to-date. At the same time, Solana buyers are building momentum, looking at the performance in the last month, where SOL crypto is up nearly +23%. Because of the consolidation of the previous week, SOL USD is up roughly +8% in the past week of trading and firm, looking at the candlestick arrangement in the daily chart.

(Source: Coingecko)

Scanning Coinglass data shows that sentiment is shifting in favor of bulls. On Binance, the largest exchange by trade volume, top traders are aligning their positions and betting for bulls. The long/short ratio is 1.4 when looking at accounts and even higher, at 2.6, when looking at positions. This skew suggests that more traders are confident that SOL USD may extend gains, soaring above $220 towards all-time highs.

(Source: Coinglass)

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Is SOL USD Ready To Rip? Time For Solana Buyers To Target $300?

From the SOL/USDT daily chart, SOL ▲4.52% is trading at a key resistance level.

Despite losses in early September, the rejection of lower prices on September 7, and the build-up of demand yesterday, SOL USD is on the cusp of closing above August highs of around $220 in a buy trend continuation formation.

Solana

Price

Market Cap

SOL

$118.86B

24h7d30d1yAll time

If the close is with surging volume, there is a high possibility that Solana crypto will easily breeze past $300, setting new all-time highs and lifting top Solana meme coins in the process.

In anticipation of this welcomed breakout, Coinglass data reveals that open interest is rising. As of September 6, it stood at around $12.36 Bn, and as of September 8, it had risen to $12.80 Bn. During this time, SOL USD prices ticked higher, suggesting that buyers likely opened up more positions.

(Source: SOL USD open interest, Coinglass)

Interestingly, the leg up on September 8 was accompanied by a flush out of leveraged shorts. Over $14 million of leveraged short positions were closed, the highest in over ten trading days. This development is typical with bulls preparing to push higher, as leveraged shorts are often liquidated, fueling the leg up, which may see SOL USD break above $300.

On X, one trader said it was time for some “Solana exposure”, cementing its position as one of the best cryptos to buy. In his outlook, the analyst expects the breakout to lift SOL USD to as high as $260 before a retest of all-time highs.

(Source: Dynamite_Fix, X)

The breakout is from the rising wedge, where the resistance is at around the $215-$220 level.

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What will Drive The Solana Price? Time To Dive In?

While the SOL/USDT technical candlestick arrangement might hint at where the Solana price is headed, fundamental factors play a key role.

In a post on X, Ryan Watkins, the co-founder of Syncracy Capital, formerly Messari, thinks the incoming Solana crypto boom is thanks to public companies raising billions to buy SOL.

Compared to the expansion of ETH USD from $2,800 to nearly $5,000 in August, Watkins said Solana digital asset treasuries (DATs) have raised even more capital. When these public companies begin buying Solana in September, SOL USD will shoot higher.

On September 8, Forward Industries raised $1.65 billion in private investment in public equity (PIPE) to fund a Solana buying strategy. Galaxy Digital, Jump Crypto, and Multicoin Capital, some of the crypto’s well-known venture capitalists, led the funding round.

In a press release, Michael Pruitt said they believe in Solana’s long-term potential. Their plan is to “build an active Solana treasury program” and add value to their shareholders.

As Forward Industries plans to buy SOL, it will follow others, including Upexi Inc., which currently owns more than 2M SOL, and DeFi Development Corp, which owns over 1.9M SOL.

According to Coingecko, the top  Solana DATs currently control more than $974M of SOL, of which a sizable chunk has been staked, earning passive income.

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The post Is SOL USD Ready to Rip? $300 Incoming As Public Companies Raise Billions To Buy Solana appeared first on 99Bitcoins.

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