Solana's biggest programmatic buyer just slashed its weekly SOL purchases by over 50%.
DeFi Development Corp, aiming to be Solana's MicroStrategy, bought 101k SOL two weeks ago. Last week, that dropped to 47k. Their CEO called this "lightning speed." This is one of the few public, programmatic buyers, funding its treasury via 13% preferred stock.
When a major, seemingly price-insensitive accumulator goes quiet, the bid-side thins out. The tape confirms it: SOL is pinned under the 50-day EMA at $120.54.
Will SOL find a bid before testing the $118.93 low?
$SOL
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DeFi Development Corp, aiming to be Solana's MicroStrategy, bought 101k SOL two weeks ago. Last week, that dropped to 47k. Their CEO called this "lightning speed." This is one of the few public, programmatic buyers, funding its treasury via 13% preferred stock.
When a major, seemingly price-insensitive accumulator goes quiet, the bid-side thins out. The tape confirms it: SOL is pinned under the 50-day EMA at $120.54.
Will SOL find a bid before testing the $118.93 low?
$SOL
We post through the day, every day. Follow if this is useful.
