Key Insights:
- Solana holds at $193 support, signaling a continued uptrend and potential long trades near $213.
- AiRWA secures $30M in $SOL to scale exchange, integrating Solana for 24/7 blockchain stock trading.
- Solana’s treasury announces a special dividend, raising up to $73.5M to strengthen blockchain strategies.
Solana ($SOL) has demonstrated resilience in the market by holding steady at the $193 support level. This price movement has maintained the higher-timeframe uptrend, providing traders with a potential price retracement to the $213 support level. A move above the $232 resistance could signal further bullish momentum for the cryptocurrency.
Solana Price Action Remains Bullish with Weekly Support
Solana bounced perfectly from its weekly support at $193, maintaining its upward trajectory. As the price remains above this crucial support level, the market sentiment continues to favor bullish traders.
If the price experiences a pullback to around $213, it could serve as a good entry point for those looking for confirmation of long trades. Traders will closely monitor these levels for signs of continued price strength.
If $232 is surpassed, Solana could trigger new long positions, potentially breaking into a new range of higher prices. The overall sentiment around Solana remains positive, with the coin seeing sustained buying interest as it holds its ground.
AiRWA Secures $30M to Scale Exchange and Solana ETF Approval
However, the approval odds for a Solana Spot ETF are nearing 100%, according to recent reports. This development has led to increased optimism about the potential for more mainstream adoption of Solana. With a live price of $220.39 and a 24-hour trading volume exceeding $8 billion, Solana’s market activity remains robust despite slight fluctuations in its price.
AiRWA a Nasdaq-listed company, has secured $30 million in Solana ($SOL) to scale its exchange. The company plans to integrate Solana as a core trading asset, which could enhance its market offering. AiRWA has completed test runs for tokenized U.S. equities, aiming to introduce 24/7 blockchain-based stock trading.
By utilizing Solana’s fast and efficient blockchain, AiRWA aims to enhance the accessibility and scalability of its trading platform. As the company advances, Solana’s increasing involvement in various financial sectors could improve its overall value proposition.
Special Dividend Announcement from Solana Treasury
Furthermore, Solana’s treasury company, defidevcorp announced it will distribute a special dividend in the form of tradable warrants. Shareholders will receive one warrant for every 10 shares held as of October 23.
Each warrant allows holders to buy shares at $22.50, which could raise to $73.5 million to support Solana’s ongoing focus on blockchain strategies.
The announcement has garnered attention as it indicates continued investment in Solana’s infrastructure. The funds raised will be used to strengthen Solana’s strategic plans, particularly in boosting its presence in the decentralized finance space.
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