Solana Bulls Defend $125 as Market Cap Dips; SOL Eyes Stability Amid Volatility

As the broader cryptocurrency market experiences a slight downturn, Solana (SOL) is grappling with a pivotal price level at $125. Despite recent rejections, bulls are striving to maintain this psychological threshold, with SOL currently trading at $128.57. Here’s an in-depth look at the factors influencing Solana’s price action and what might lie ahead.

$125 Forms Next Pivotal Level For Solana Crypto

The crypto market capitalization dropped by 0.6% to $2.66 trillion. Solana (SOL) crypto, like other top cryptocurrencies, experienced a mild drawdown but is now pursuing stability. Bulls are fighting to maintain the psychologically important level around $125, which has been rejected a few times in the past 24 hours. At the time of writing, Solana crypto traded at $128.57, down 1.58% from the previous day. The price action over the past month showed mild relative prospects for growth, with an immediate pivot point formed at $125 and a near resistance zone at $128.

Q&A with Figment: Inside the new TSX Solana staking ETF (SOLQ)

The investment universe for non-crypto native investors has largely revolved around Bitcoin and Ethereum ETFs, but that’s changing with the introduction of a new Solana product on the Toronto Stock Exchange. The collaboration between 3iQ Corp. and Figment brings a Solana (SOL) staking ETF to the TSX, providing mainstream investors with straightforward, easy, and convenient access to one of the more closely followed proof-of-stake blockchains in the ecosystem.

Solana Network Gets Major Boost from Coinbase and Robinhood: SOL Price Bullish Reversal Ahead?

The Solana network has received significant support from Coinbase and Robinhood. The overall cash inflows to Solana DeFi products have gradually grown in recent weeks. SOL price has consolidated between $123 and $134 in the past three weeks amid a growing bullish outlook. The wider altcoin market, led by Solana (SOL), continued with horizontal consolidation akin to Bitcoin (BTC) on Thursday during the early North American trading session. The rising confidence in the Gold market, amid palpable fears of the U.S. stock market, has helped the wider crypto market gain significant bullish sentiment.

Galaxy Digital Proposes New Voting Framework for Solana Inflation

Galaxy Digital’s research team has unveiled a proposal to reform how Solana adjusts its token inflation rate. The proposal introduces a new voting mechanism called Multiple Election Stake-Weight Aggregation (MESA), allowing validators to collectively determine future deflation rates for Solana (SOL) more efficiently and inclusively. Under this system, validators vote across a range of preset deflation rates, addressing criticism that Solana’s recent SIMD-228 vote on inflation was too binary. MESA aims to aggregate votes to better capture the community’s varied preferences.