DeFi Dev Corp buys additional 65,305 SOL amid broader institutional interest: Solana price slides below $150

• Solana price slides below $150 following an over 10% increase in less than a week, mirroring a widespread crypto recovery.

• DeFi Dev Corp purchases an additional 65,305 SOL, bringing its total holdings to 317,273 SOL, valued at approximately $47.6 million.

• A portion of the Solana acquired includes staked SOL sourced via BitGo's OTC desk.

• Solana price could extend gains to $176, completing a short-term inverse head-and-shoulders pattern breakout.

Solana (SOL) price faces growing overhead pressure and slides below $150 to trade at $148 at the time of writing on Thursday. The sudden pullback follows the crypto market's edging higher on improving investor sentiment, which saw SOL climb to $154 on Wednesday. 

If the trend reversal persists, the token may retest the $140 support level. However, growing institutional interest in Solana could absorb sell-side pressure, paving the way for gains toward $176, a technical pattern's breakout target.

DeFi Dev Corp adds 65,305 SOL to treasury

The DeFi Development Corporation (DeFi Dev Corp) announced the purchase of approximately 65,305 SOL on Thursday, worth around $9.8 million. Following this transaction, the company currently holds 317,273 SOL, valued at approximately $47.6 million, including staking rewards.

According to the press release, a portion of the purchased Solana includes staked SOL, which the company sourced via BitGo's over-the-counter (OTC) desk. DeFi Dev Corp will lock the tokens purchased via this program to generate native yield. Moreover, locked Solana includes coins acquired under contractual restrictions, mostly from vesting schedules, venture allocations, bankruptcies, or project-specific lockups. Locked SOL cannot be transacted on-chain; however, it can be bought and sold via OTC desks and is reserved for qualified investors.

"This is a clear example of the strategic execution we've built our treasury strategy around. By gaining access to locked discounted inventory through a trusted partner like BitGo, we're able to accumulate some of our SOL below market prices while deepening our alignment with the Solana ecosystem," DeFi Dev Corp  CEO, Joseph Onorati said.

Institutional interest in Solana has grown recently, with capital streaming into SOL-linked assets. Galaxy Digital adjusted its portfolio, divesting $106 million in Ethereum (ETH) and reinvesting it in Solana. 

SOL Strategies completed a $500 million convertible notes issuance agreement with ATW Partners this week. The investment entity focuses on acquiring and staking SOL via the firm's validator operations.

The growing institutional interest has buoyed Solana, which has rallied behind Bitcoin (BTC), outpacing Ethereum (ETH), the largest altcoin by market capitalization, in weekly gains. This could make SOL more attractive to the broader crypto market, especially retail investors who may want to ride the bullish wave.

Solana price nurtures breakout targeting $176

Solana's price hovers at $148 at the time of writing on Thursday, supported by broad-based risk-on sentiment and bullish momentum following the breakout of the inverse head-and-shoulders pattern. 

The daily chart highlights the potential for SOL to complete a 32% breakout to $176. This target aligns with the height of the head and shoulders pattern, extending from the neckline to the head, and is extrapolated above the breakout point.

Solana's price position above the 50, 100, and 200-day Exponential Moving Averages (EMA) reflects the bullish outlook, which could drive the token to higher levels.

SOL/USDT daily chart

The uptrend could continue if bulls reclaim the $150 level. However, the Moving Average Convergence Divergence (MACD) indicator shows signs of exhaustion, likely extending the reversal toward support at $140. 

Moreover, volume has declined significantly compared to the previous day, when Solana rallied to $154. Beyond this support, the 50-day EMA at $139 could stabilize SOL, possibly preventing a larger drawdown to the 100-day EMA at $133.