Could Solana’s price be gearing up for a major surge? Recent moves suggest it might! Institutions are increasingly staking their Solana, and a big example is Galaxy Digital, who just locked up $40 million worth of SOL. This staking action could be a game-changer, potentially reducing the selling pressure that has been holding Solana back. As more staking comes into play, the big question is: can Solana shake off the current bearish trend and finally rally?

Right now, you can see Solana trading at $136. It’s had a bit of a dip in the last 24 hours, down by 4.4%.

Solana Price in Focus as Galaxy Digital Stakes $40M SOL

Solana’s price has been battling some strong headwinds, largely due to selling pressure linked to the FTX unlocks in March. However, things could be shifting! A noticeable jump in staking activity might just be the catalyst to turn things around and push Solana’s price upwards.

Crypto data tracker LookonChain reported that Galaxy Digital, a well-known crypto investment firm, recently moved a substantial 282,000 SOL away from major exchanges like Coinbase and Binance. Interestingly, they then staked 274,000 of these tokens, which is a hefty sum valued at around $39 million. This significant staking activity strongly suggests that Galaxy Digital is in it for the long haul and isn’t planning to sell off their SOL anytime soon.

Looking at data from Dune Analytics, we can see a slight decrease in overall Solana staking activities recently. It seems some traders and institutions unstaked their SOL and moved their tokens to exchanges, which added to the selling pressure. However, if we’re now seeing staking activity pick up again, this could be a positive sign. Increased staking could potentially absorb the selling pressure that’s been dragging Solana’s price down, potentially setting the stage for a price recovery.

Is Solana Poised for a Parabolic Rally?

Could we see a parabolic rally for SOL? Well, some analysts are certainly thinking so and are putting out optimistic Solana price predictions. According to analyst Ali Charts, Solana’s price movement is currently consolidating within a right-angled triangle pattern. This kind of pattern often suggests that a significant price move is on the horizon.

If Solana manages to hold its ground at the support level (the lower trendline of the triangle) and then rallies to break through the resistance at the upper trendline, it could really kick off a parabolic price surge. However, for such a big upswing to happen, we’ll need to see more buyers stepping in to provide the necessary boost.

Another analyst, Satoshi Flipper, is also feeling bullish about Solana. He points out that SOL is currently testing the resistance at the upper trendline of a descending parallel channel. For over a month now, Solana’s price has been bouncing around within this channel, with bearish trends generally dominating.

If SOL can successfully break through this upper trendline resistance, it could signal a strong buy opportunity, potentially triggering increased demand. This surge in demand could propel Solana’s price beyond the $200 mark and even back towards its all-time highs.

Overall, Solana’s price has been feeling the pressure from a generally cautious crypto market. However, there’s a glimmer of hope as institutional interest seems to be returning – we’ve seen Galaxy Digital’s recent $39 million SOL staking as a prime example. If this staking trend continues and gains momentum, Solana could be setting up for a rapid and impressive recovery.