Solana (SOL) has recovered to reach $170 thanks to improved investor confidence following the launch of Solana Mobile's second-generation Seeker smartphone. Investor sentiment has also improved due to growing institutional interest in the asset. Several publicly traded companies have increased their purchases of SOL in recent weeks, seeking to benefit from the staking rewards of the blockchain.
Bitcoin mining company, Bit Mining, announced its first purchase of Solana, acquiring 27,191 SOL for $4.5 million. It also launched a validator to generate yield with its SOL tokens. Supply chain management company, Upexi, announced that it dedicated most of July to acquiring SOL. The company increased its holdings from 735,692 to over 2 million. DeFi Development Corp also increased its SOL holdings, acquiring 110,466 SOL, surpassing $1.2 million.
SOL started the previous week with a strong jump to an intraday high of $195. After reaching this level, it lost momentum, falling over 3% to $183. Sellers maintained control on Tuesday, with a drop of nearly 1% to $181. SOL fell to an intraday low of $170 on Wednesday, as selling pressure intensified. However, it rebounded from this level to close at $177, ultimately registering a decline of 2.06%. The price continued to drop on Thursday, falling over 3% to $172. Bearish sentiment intensified on Friday, with a drop of nearly 6%, to a low of $159 before closing at $162.
Sellers maintained control on Saturday, when SOL fell 2.57% to $158. Despite overwhelming selling pressure, SOL recovered on Sunday, rising over 2% to reclaim $160 and closing at $162. Bullish sentiment intensified on Monday with SOL's rally, which rose nearly 5% to $169. Buyers lost momentum on Tuesday, when the price fell 3.24% and closed at $164. However, it recovered on Wednesday, rising 2.59% and closing at $168. In the current session, SOL has risen nearly 3%, trading around $172.
