DeFi Dev Corp scoops up $9.8M in SOL amid dip—bargain hunt or bullish bet?

Solana (SOL) slips below $150 as institutional money moves in. DeFi Dev Corp just dropped $9.8M on SOL—either they know something we don’t, or they’re doubling down on hopium.

Price action whispers ‘buy the dip’: With SOL hovering near a key support level, traders eye a potential rebound toward $176. Technicals show oversold conditions, but in crypto-land, ‘oversold’ just means ‘on sale’ until it doesn’t.

The cynical take: Another day, another ‘institutional accumulation’ narrative—because nothing screams ‘smart money’ like catching a falling knife. But hey, at least they didn’t buy the top this time.

Solana is set to rally toward $180, but…

Source: SOL/USDT on TradingView

The bullish structure break meant that there were few obstacles in the path upward for SOL, from the 1-day chart. The OBV was above the February and March highs to indicate heightened buying pressure in April.

The bullish RSI reinforced the bullish outlook derived from the 1-day price action.

Above $143, the $178 level was the next key resistance zone. The price chart showed no sizable resistance overhead till this level. The SOL liquidation heatmap helped to understand the upcoming obstacles better.

Source: Coinglass

The 1-month liquidation heatmap showed the $155-$160 region was the next immediate liquidity pocket that Solana would be attracted to. The $168 region was another nearby magnetic zone.

Beneath the market price, the liquidation levels clustered around $130 and $120 were also notable, although they were smaller than the ones overhead. The 3-month liquidation heatmap agreed with these findings.

Therefore, the high demand for SOL, combined with the liquidity pockets up above, meant a move to $160 and $168 was likely. The short liquidations triggered here could squeeze prices higher and achieve the $176 target.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion