Solana (SOL) could be near the long-awaited price discovery phase after climbing to a seven-month high. However, an analyst suggested investors remain cautious, as the market rally is “closer to the end than the beginning.”
On Friday, Solana reached a seven-month high of $241.84 after breaking out of its consolidation range earlier in the week. The cryptocurrency had been trading within the $120-$220 price range since the start of February, failing to reclaim the range’s high during the recent short-term recoveries.
“We are lucky that the marginal buyers are Tradfi with these DATs but with Saylor not buying as much, hard to tell where the next set of flows come from,” he stated.
Notably, multiple spot Solana ETFs are awaiting the approval of the US Securities and Exchange Commission (SEC) after the regulatory agency delayed the decision deadline last month. As a result, issuers and investors are expecting a positive outcome around the first half of October.
“Forward Industries intends to use the net proceeds from the offering primarily to purchase SOL, the native digital asset of the Solana blockchain,” the company reaffirmed in its Thursday statement.
As of this writing, SOL is trading at $239.86, a 6.1% increase in the daily timeframe.
