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    SOL Strategies Buys 122k SOL Worth $18.2M: Can Solana Bulls Reclaim Momentum?

    Story Highlights
    • Strategic SOL Buy: SOL Strategies acquires 122,524 SOL for $18.25M, backing its validator, holdings, and innovation pillars.

    • Solana Usage Surge: Memecoins dominate Solana DEX trades, driving record user activity and reinforcing bullish midterm price outlook.

    SOL Strategies Inc. (CSE: HODL), a Canadian company dedicated to the growth and development of the Solana blockchain, announced the purchase of 122,524 SOL worth about $18,250,730 at an average price of about $148.98 per coin. At the beginning of this month, SOL Strategies announced the closing of the initial $20 million of its $500 million convertible note facility.

    โ€œThese purchases directly strengthen our three-pillar strategy of enterprise-grade validators, strategic SOL holdings, and Solana technology innovation,โ€ Leah Wald, Chief Executive Officer of SOL Strategies, noted.

    Major Factors Fueling Solana Network Growth

    According to a recent report by VanEck, the meteoric growth of memecoins on the Solana network is the major driver of on-chain revenues. Furthermore, memecoin trading on the Solana network accounted for 44 percent and 35 percent of all decentralized exchanges (DEX) trading in January and April 2025 respectively.ย 

    โ€œIf we exclude stablecoins, SOL, and SOL liquid staking tokens, often on the other side of trades, memecoins represent 99% of Solana trading activity in January and 95% in April. While some question the sustainability of this trend, Solana has proven its unmatched ability to process large volumes of decentralized trading,โ€ the report noted.

    Meanwhile, market data analysis from Nansen shows that the top five Solana DeFi products – including Raydium, Fluxbeam, Pump.fun, and Jupiter – recorded over 239 million users in the past 30 days.

    Midterm Expectations for SOL Price 

    After recording a palpable growth in April, the Solana price has been trapped in a correction phase in the past two weeks. The large-cap altcoin, with a fully diluted valuation of about $85 billion and a total value locked of around $7.6 billion, dropped around 2 per in the past 24 hours to trade around $142 on Tuesday, May 6, during the mid-North American session.

    From a technical analysis standpoint, the SOL price is well positioned to rally towards $174 if the buyers hold above $140 in the coming days. In case of a breach of the support level around $142, SOL price will drop towards the next liquidity level around $125.

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