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Solana (SOL) appears poised to rally by a staggering 54%, according to a technical analysis perspective. The cryptocurrency, which has already seen a brief breakout above the bullish flag pattern’s upper trendline, is now hovering near $145-$148. A successful second test and rebound from this zone could confirm the flag’s validity, indicating an imminent price surge.
As part of this potential rally, DeFi Development plans to raise $100 million through a private convertible note sale. The funds will be used to purchase Solana (SOL), mirroring MicroStrategy’s strategy with Bitcoin accumulation. This massive influx of capital could contribute significantly to the token’s growth and potentially amplify its upward trajectory.
On a separate note, it has been announced that Anchorage Digital will support JitoSOL minting and redemption as the first federally chartered partner for Solana staking. This partnership aims to maintain liquidity while earning staking rewards and protocol revenue. Additionally, the integration with Porto wallet enables institutional users to exercise control over their assets through self-custody.
In summary, Solana’s technical setup is currently displaying a bullish flag pattern on the daily chart, suggesting the potential for an impressive 54% price rise if confirmed.
Source: coinchapter.com
