The cryptocurrency exchange Binance has once again started buying Solana in large quantities.
The cryptocurrency Solana (SOL) has experienced a sharp decline from the January peak of $293 to a recent low of $160. However, the situation may change as the largest cryptocurrency exchange Binance has resumed purchasing the altcoin in significant amounts. This was indicated by crypto analyst MartyParty.
He clarified that the exchange sold its SOL reserves near the January peak, and after the altcoin sharply depreciated, it began to accumulate it again. When institutional investors and large market participants buy during a dip, it can provide strong support for a potential price increase of the asset.
The approval of a spot SOL-ETF in the USA may also positively influence the price of Solana. Currently, the U.S. Securities and Exchange Commission is awaiting the applications for an altcoin-based exchange-traded fund from investment companies Grayscale, 21Shares, Bitwise, and VanEck.