Following a massive Q3 performance, Solana (SOL) has kicked off “Uptober” with a bounce, attempting to reclaim a crucial area as support to continue its bullish rally. Some analysts have suggested that the cryptocurrency is ready to challenge the recent highs and enter a new price discovery phase.
Over the weekend, the altcoin reclaimed the crucial barrier and attempted to turn the $205-$210 area into support during the last two days of September. After closing the month around the $208 level, SOL’s price bounced 5.3% on Wednesday morning toward the $220 mark.
Some market watchers previously noted that $218 level was the most important level for the cryptocurrency’s recovery, as the largest supply wall exists around this level. This level coincides with Solana’s $120-$220 macro range high.
Amid today’s pump, the analyst affirmed that the cryptocurrency has “one last hurdle to overcome” before the rally to new highs begins. Per the post, once Solana turns the $250 level into support, the altcoins will be “in for a great end of the year.”
The initiative aims to “strengthen VisionSys’s balance sheet, enhance liquidity, and create long-term shareholder value through the strategic acquisition and staking of Solana (SOL),” the announcement reads.
Marinade Finance will serve as VisionSys’s exclusive staking and ecosystem partner, and the program’s first phase is set to acquire and stake $500 million in SOL within the next six months.
In August and September, the regulatory agency pushed its final decision deadline for multiple crypto investment products, including SOL-based ETFs, between mid-October and mid-November.
As of this writing, Solana is trading at $219, a 11.1% increase in the monthly timeframe.
