Can Solana (SOL) Expect a Revival Soon Midst the Uncertainty? 

• Solana trades at $162, marking a decline over 3% in the last 24 hours.
• Cypherpunk has purchased 23K additional SOL, currently holding 86,294 tokens worth $21.6M.

The crypto market seems littered after the Fed’s decision, resulting in increased volatility. Bitcoin and Ethereum have declined and slipped to their previous lows. Notably, Solana also stepped into bearish momentum after its brief upward breakout. 

SOL exhibited over -3% price decline in the past day, causing the token to fall to a low of $157. Meanwhile, Solana’s trading volume resulted in a 14.96% increase and stayed at $4.05 billion. At press time, SOL was trading at $162, as per CMC data. 

While analyzing Solana’s weekly price action, it noted a 8.55% drop over the past week, with the asset’s lowest and highest price noted at $159 and $193, respectively. The current decline of SOL aligns with the daily Relative Strength Index (RSI) at 45.90, which indicates the asset is nearing the neutral zone. 

In addition, short-term 9-day MA and 21-day MA are found above the current price at $176 and $169, suggesting SOL is in the bearish zone. If the token slides down, the initial support can be found at $157. Further losses might take the price to the range of $150. Conversely, if bulls regain control over the bears, the potential resistance might be at $170. As the bullish momentum persists, the subsequent resistance can be at $176. 

Solana Holdings of Cypherpunk

Cypherpunk Holdings, a Canada-based investment firm, has increased its Solana holdings. The firm has purchased about 23,000 additional SOL tokens, bringing its total to 86,294 worth approximately $21.6 million.

In a recent purchase last month, Cypherpunk increased its Solana investment to 63,000 tokens, worth around $14 million, up from 6,131 in a short period of time. Moreover, Cypherpunk’s Solana validator has earned over 230 SOL worth $57,639 in rewards since mid-June, showing the active involvement of the firm in the ecosystem. 

The firm’s Bitcoin holdings are sold out. It currently holds around 52 BTC, worth $5.2 million, and has divested its entire stake in Animoca Brands. 44.79 BTC were used to exercise 20,000 SOL options, and the rest were sold for gross proceeds, according to its public filing.

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