Solana (CRYPTO: SOL) outperformed cryptocurrencies with a larger market capitalization on Thursday, following millions in purchases by treasury company DeFi Development Corp. (NASDAQ:DFDV).
DFDV is moving ahead with momentum. See what is driving the move here.
Solana Breaks Key Resistance
SOL was up nearly 4%, gaining the most among large-cap cryptocurrencies in the last 24 hours. In contrast, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) fell 0.13% and 0.91%, respectively.
The sixth-largest cryptocurrency by capitalization broke past its price resistance from February to a high of $216.
The rally energized the derivatives market, with open interest in SOL futures jumping 10% to an all-time high of $13.96 billion, according to Coinglass.
See Also: Sharps Technology Soars After Insider Buys and $400M Solana Treasury Plan
New All-Time High Next?
Widely followed cryptocurrency analyst and trader Ali Martinez highlighted the coin's breakout from an Ascending Triangle pattern, projecting a target of $300, above its all-time highs.
The Ascending Triangle pattern is a bullish continuation pattern characterized by a horizontal resistance level and a rising trendline.
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Solana Replicates Bitcoin, Ethereum Treasury Play
The jump comes after DeFi Development bought 407,247 SOL, valued at $77 million, boosting its total SOL holdings to 1,831,011 SOL, worth over $394 million at the current price, according to a press release.
The purchases were funded using capital raised from a recent equity offering, with more than $40 million in net proceeds still available for future Solana purchases, the company said.
Public companies have begun piling into SOL for their corporate treasuries, collectively holding about 8.69 million SOL, worth $1.87 billion, according to Strategic SOL Reserve.
Sharps Technology Inc. (NASDAQ:STSS) was the largest SOL holder as of this writing, followed by Upexi Inc. (NASDAQ:UPXI) and DeFi Development.
Price Action: At the time of writing, SOL was exchanging hands at $215.29, up 3.93% in the last 24 hours, according to data from Benzinga Pro.
DeFi Development shares rose 0.36% in after-hours trading after closing 7.93% higher at $16.47 during Thursday’s regular trading session.
As of this writing, the stock demonstrated a very low Value score. Visit Benzinga Edge Stock Rankings to compare its metrics with Sharps Technology and Upexi.
Photo Courtesy: alfernec on Shutterstock.com
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