SOL Strategies Inc. (CSE: HODL) announced an additional purchase of Solana (SOL) coins to strengthen its balance sheet. The Canadian company announced on Thursday that it acquired an additional 26,478 SOL coins for $4.7 million at an average price of about $177.
According to the announcement, SOL Strategies sold its remaining 3.21 Bitcoin at an average price of about $103,251, thus earning a total of $331k. As a result, the company now holds a total of 420,355 SOL, currently worth more than $70 million.
“These transactions align with the Company’s focused strategy of concentrating its digital asset holdings in SOL to support its validator operations and long-term investment approach in the Solana ecosystem,” the company noted.
Rising Demand for Solana by Institutional Investors
As a top-tier U.S. made crypto project, Solana network has significantly benefited from the rising demand from institutional investors. In addition to SOL Strategies, the Solana network has received significant boost from other publicly traded companies led by Janover Inc. (NASDAQ: JNVR), which purchased 80,567 Solana coins valued at $10.5 million last month.
As of this writing, Janover held about 163,651 SOL coins, worth about $27 million. The Solana network has also received a significant boost from fund managers seeking to offer its spot SOL ETFs in the United States, led by Grayscale, Franklin Templeton, VanEck, Bitwise, 21Shares, Fidelity, and Canary Capital.
What Next for SOL Price
As May approaches the end over the weekend, SOL price will likely follow Bitcoin in a potential bullish rebound. Moreover, SOL price has been trapped in a consolidation during the past three weeks.
In the daily timeframe, SOL price has been forming a possible bullish continuation pattern. As a result, a consistent close above $185 in the coming days will solidify a rally towards the next target of beyond $210. However, a consistent close below $159 may result in further selloff possibly towards $144.
