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17/09/25 03:17 UTC-04

Solana shows strong growth, reaching multi-month highs

Cryptocurrency Cryptocurrency
Cryptocurrency Solana shows strong growth, reaching multi-month highs

The cryptocurrency Solana has regained momentum, breaking key resistance levels and attracting attention from institutional buyers. On Tuesday, September 16, SOL traded at $234.85, adjusting after reaching an eight-month high of $249.12 two days earlier.

Despite the correction, institutional demand for the altcoin remained. On September 15, Helius Medical Technology announced a strategy to raise $500 million for its treasury through private investments. Notably, the company’s shares surged 140% following the announcement.

Additionally, on September 16, Pantera Capital founder Dan Morehead reported that the investment firm invested $1.1 billion in SOL. He explained the choice by stating that Solana is the most promising blockchain network on which the company is placing its largest bet.

Meanwhile, the Solana network is experiencing a significant spike in DeFi activity, primarily due to renewed interest in memecoins. The Pump.fun protocol on the blockchain once again surpassed $1 billion in daily volume.

The Pudgy Penguins (PENGU) token, currently the largest memecoin on Solana, rose 4.0% on September 16 to $0.03381 per coin. The digital asset’s market capitalization increased to $2.1 billion.

See also: "Bitcoin rises ahead of the Fed’s interest rate decision"

#Solana (SOL) #Bullish trend

Editor: Alyona Nabok
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