The price of the cryptocurrency Solana (SOL) has increased by over 35% since June, linked to several positive factors and technical signals.
Overview of SOL Price Growth
On August 12, the price of SOL was $176.5, over 9% higher in the past 30 days and 40% above the year's low. Its market cap stands at $95.1 billion.
Analysis of SOL Purchases by Public Companies
Recent activities by public companies such as Bit Mining, Upexi, and DeFi Development Corp have shown a growing interest in SOL. These companies have bought additional SOL tokens to gain a share of staking rewards and plan further investments.
Technical Analysis and Patterns
SOL has formed bullish patterns on the daily chart, including a golden cross and a cup-and-handle. If the price continues in an upward direction, it could reach $240, although a drop below $156 would invalidate this bullish scenario.
Growing interest in Solana and positive technical signals may indicate further price increases for SOL in the coming weeks. However, potential investors should consider risks associated with price fluctuations.
