“Sol Trims Losses Near $ 144 After Defi Development Corp Secures $ 5b Equity Line of Credit and Seven Issuers Revise S-1 Filings at US Sec’s Request.”, – WRITE: www.coindesk.com
Traded AT $ 144.14 on June 14, Down 2.06% Over The Past 24 Hours, But Showed Resilience As Long-Term Institutional Activity Offset Retail-Driven Weakness. Price Action Remains Pinned Near the Lower End of Its Recent $ 145– $ 149 Consolidation Zone, Following A Broader Multi-Day Correction Across Crypto Markets Tied to Rising Geopol.
Despite Recent Weakness, Two Majoor Institutional Developments Suggest Detepening Engagemen with the Solana EcoSystem.
First, Bloomberg’s James Seyffart ConfirMed On Friday That This Week That All Seven Seven Spot Solana Etf Issuers —Submitted Updated S-1 Filings with the Sec. Each filing Now Includes Staking Provisions, Making Them Structurally Aligned with Solana’s On-Chain Economics.
Second, Defi Development Corp, A NASDAQ-Lited Slana Treasury Firm, AnnounCed On Thursday that it is entered intoto a $ 5 billion equity line of Credit (ELOC) Agreement. The Facility Allows Defi Dev Corp to Issue Shares Grades Graduly to Fund Additional Sol Accumulation, Racher than Relying on a Single, Fixed-Price Offering.
This Follows A Minor Regulatory Setback: On Wednesday, The Company Applied To the Sec for the Withdrawal of Registration Statement on Form S-3. IT SAID IT WANTED TO WITHDRAW A PRIOR S-3 FILING DUE TO TECHNICAL ELIGILY ISSUES FLAGGED by the Sec. The FIRM SAID IT Wuld File a Resale Registration Statement in the Future to Raise The Capital It Needs.
Despite the Filing Hiccup, The Company Emphasized ITS Continued Commitment to Growing ITS SOL Treasury, WHICH CURRENTLY HOLDS OVER 609,190 TOKENS – VALUED AT MORE THAN $ 97 Million. CEO JOSEPH ONCATI SAID IN Thursday’s Press Release that the New Capital Structure Offers a “Clean, Strategic Path” to Scale Exposure While Compounding Valid.
Sol’s Price Appears to be Stabilizing as Tese Institutional TailWinds Strengthan, Even as Retail Activity Remains Subdoed.
Technical Analysis Highlights
- SOL TRADED IN A 24-HOUR Range of $ 4.57 (3.08%), from $ 144.13 to $ 148.70.
- Initial Strength Faded, with Price Drifting Toward the $ 144 Support Level.
- Resistance Remains Firm Near $ 149, While Short-Term Reject Hit $ 145.78.
- High-Volume Selling Occurred Between 13: 41–13: 47 UTC, with A Sharp Drop from $ 145.95.
- A Volume Spike at 13:23 UTC Aligned with The Failed Breakout.
- WHALE ACCUMULATION Continues Below $ 146, Thought Follow-Through Remains Limited.
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