Sol Strategies Inc. (CSE: HODL) announced an extra purchase of Solana (SOL) coins to strengthen the balance. The Canadian company announced on Thursday that it has acquired an extra 26,478 Sol coins for $ 4.7 million for an average price of around $ 177.
According to the announcement, SOL strategies sold the remaining 3.21 Bitcoin at an average price of around $ 103.251, which earned a total of $ 331K. As a result, the company now has a total of 420,355 Sol, currently worth more than $ 70 million.
“These transactions are in accordance with the targeted strategy of the company to concentrate its digital asset ownership in Sol to support the Validator activities and long-term investment approach in the Solana ecosystem,” the company noted.
Rising demand for solana by institutional investors
As a top-tier US Made Crypto project, Solana Network has benefited considerably from the increasing demand of institutional investors. In addition to SOL strategies, the Solana Network has received a considerable boost from other listed companies led by Janover Inc. (Nasdaq: JNVR), who bought 80,567 Solana coins on $ 10.5 million last month.
At the moment Janover held around 163,651 Sol -Munten, worth around $ 27 million. The Solana Network has also received an important boost from fund managers who want to offer his spot -Sol ETFs in the United States, led by Grayscale, Franklin Templeton, Vaneck, Bitwise, 21Shares, Fidelity and Canary Capital.
What for Sol Price
Since May is approaching the end of the weekend, Sol Price Bitcoin will probably follow in a potential bullish rebound. Moreover, Sol Price has been imprisoned in consolidation in the past three weeks.
Sol Price forms a possible bullish continuation pattern in the daily age. As a result, a consistent close to $ 185 will strengthen a rally in the coming days to the next goal of more than $ 210. However, a consistent closure of less than $ 159 can result in further sale possible to $ 144.