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- Pantera Capital is looking to purchase $250 million worth of SOL tokens.
- SOL bulls are awake and active as $200 is in view according to on-chain analysis
Billion-dollar asset management firm Pantera Capital is making plans to purchase a large portion of SOL from the now-bankrupt FTX estate.
Bloomberg revealed the new development in a report, explaining that the $5.2 billion asset manager is tapping top investors to aid its operations. The asset manager is looking to investors to fund its Pantera Solana Fund. The fund is well-positioned to purchase as much as $250 million worth of SOL tokens from the FTX estate which currently holds around 41.1 million SOL coins.
The firm reportedly shared its plans in a material sent to investors back in February. Investors have the opportunity to purchase SOL at a 39% discount from its 30-day average price of $59.95, which is currently less than half its current price.
Additionally, if the proposal is successful, it could make room for FTX liquidators to take off SOL and throw in funds for creditors without tampering with the token’s current price.
Meanwhile, Solana’s native token SOL, is amongst the top-performing altcoins this week. Occupying the 5th spot, SOL has been making a slow recovery since January. According to our data, SOL has recorded a staggering 28927.18% increase from its 2020 all-time low. However, the asset’s capacity to reclaim its $260 all-time high is still being questioned.
Positive sentiments fueled by social media crowd validate SOL’s bullish position
Notably, SOL briefly crossed the $100 price level before taking a downturn for the recent of January. The $100 price point was reclaimed in February and SOL has managed to sustain momentum above that price mark. Hitting a yearly all-time high of $152, SOL bulls have joined its peers to participate in the ongoing bull rally.
Analysts are currently targeting $200 as a near-term price point for the altcoin. On-chain analysis reveals that SOL is working its way up to the aforementioned price mark. The analysis spotlights positive sentiments from social media platforms like Twitter, Facebook, Reddit, and 4Chain as a catalyst for the expected rally. The chart also shows a 54.04% increase in positive sentiments amongst market players.
“The main reasons to be bullish for the Solana project include its recent price surge to $140, with predictions of reaching $500 after the bull market, its superior chain for retail trading, and its potential for new all-time highs.” Cryptoquant wrote.
On the flipside, neutral sentiments were slightly over 15%, while negative sentiments totaled at 30.4%. The bearish sentiment, according to CryptoQuant’s AI summary, might have stemmed from the mispricing of the token. This suggests that traders and investors might not fully comprehend the valuation of SOL.
📈 #Solana is on the brink of crossing $150 for the first time since January 16th, 2022. Crowd sentiment is leaning slightly #bullish toward #5 market cap $SOL, but not to the extent where #FOMO could halt a rally. Doubt historically fuels prices higher. https://t.co/DDtDxlCT6F pic.twitter.com/XP22cQxdkl
— Santiment (@santimentfeed) March 7, 2024
During the time of this report, SOL was recording mild losses and was trading at $146.82.
