Solana’s CDD spike reflects renewed activity from long-term holders.
Classover’s treasury plan underscores rising institutional demand for SOL.
Solana (SOL) is seeing renewed attention after a notable spike in on-chain activity and a major corporate investment announcement. According to Glassnode data, Solana registered its third-highest CDD spike of the year on June 3, totaling 3.55 billion.
The previous two larger spikes occurred on February 26 (5.53 billion) and March 3 (4.64 billion). Coin Days Destroyed tracks when older coins move; a sharp increase typically signals activity from long-dormant wallets.
Analysts noted that CDD had remained subdued in the weeks leading up to this spike, suggesting renewed movement in previously inactive SOL holdings. Similar CDD surges in February and March preceded notable price corrections.
Technical Setup Suggests Bullish Reversal Ahead
Solana is trading around $156.89 and forming a falling wedge pattern, a structure often seen as a bullish reversal signal. This setup features lower highs and lower lows, with the price recently bouncing off the lower boundary at $153.60.
Traders observed a bullish reaction from this level, indicating renewed buyer interest. The next level to monitor is $160.14. A confirmed close above this resistance may open the path toward the $163.95 liquidity zone. Analysts have marked this zone as a previous break of structure (BoS), making it a key area for trend confirmation.
Should momentum be sustained, the projected upside target will be around $172.88. This potential breakout presents a favorable risk-to-reward ratio for bullish traders watching the pattern closely.
Classover to Allocate $500M Toward Solana Purchases
New York-based Classover Holdings has announced in a press release plans to borrow up to $500 million to acquire Solana for its corporate treasury. In a statement released Monday, the company said it secured the funding via a convertible notes agreement with Solana Growth Ventures LLC.
The agreement permits Classover to use up to 80% of the funds, around $400 million, for Solana purchases. The firm has already acquired 6,472 SOL, valued at approximately $1 million. Following the announcement, Classover’s share price more than doubled.
This move reflects a broader trend of corporate adoption of Solana. Sol Strategies, formerly known as Cypherpunk Holdings, now holds over 395,000 SOL worth $63 million. The company also received approval to sell up to $1 billion in shares to support expansion across the Solana ecosystem.
Solana’s growing institutional demand, combined with bullish on-chain signals and technical patterns, places the asset in the spotlight as June trading gains momentum.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
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