Bitcoin price is lingering in the $67,000 region, but SOL Coin has begun to rise rapidly, reaching its daily peak. At the time of writing, SOL Coin is near its peak of $143. What is the justified reason for this increase? Here is the latest announcement from Bloomberg.
Why Is SOL Coin Rising?
According to Bloomberg, Pantera is raising funds to purchase SOL Coin from FTX Estate. Instead of putting these funds directly into the market, Pantera’s over-the-counter purchase is justifiably pushing the SOL Coin price upward. We had previously mentioned in our market forecasts that closing above $143 could accelerate a parabolic rally, and this news could be an opportunity.
Pantera’s move will reduce the selling pressure of SOL Coin in the spot market and also revitalize demand, reflecting Pantera’s long-term confidence in SOL Coin. For now, the impact of the news on the price has been limited, and we may see the full results in the next few hours.
The market is expecting the details on the size of the assets to be acquired, including whether it covers the entire locked supply (Alameda’s SOL Coins to be unlocked in 2025), to be revealed soon.
