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Solana Price Targets $250 as SOL Strategies Unveils $500M Convertible Note to Buy SOL – Crypto News

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Solana Price Targets $250 as SOL Strategies Unveils $500M Convertible Note to Buy SOL

Solana price is on the rise, and analysts observe trends that may propel it to the $250 mark. This is an optimistic prediction following SOL Strategies, a listed Canadian company that deals in the Solana ecosystem, announcing that it has secured a $500 million convertible note deal with ATW Partners to boost its SOL holdings and staking activities.

$500 Million Convertible Note Structure To Buy SOL

SOL Strategies has secured what it describes as a “first-of-its-kind” convertible note facility with ATW Partners. According to the announcement, the $500 million facility will be implemented in multiple tranches. This starts with a $20 million closing expected to occur around May 1, 2025. This is subject to customary closing conditions.

The facility is designed basically for the Solana ecosystem. Also, all capital will be exclusively allocated to purchasing SOL tokens. These tokens will then be staked on validators operated directly by SOL Strategies.

The announcement comes at a time when the SOL price has reclaimed the $150 level. SOL has pumped close to 18% in the last seven days.

In a notable element of the agreement, interest on the notes will be paid in SOL tokens rather than fiat currency. This interest will be calculated as up to 85% of the staking yield generated by the SOL acquired through the facility.

Technical Analysis Points To $250 Solana Price Target

Technical analysts are observing bullish patterns on Solana price charts that are indicative of a possible run-up to the $250 level. The SOL/USDT chart shows a definitive breakout from a falling wedge pattern. This is identified as a bullish indication of a price increase in technical analysis.

Analyst Luciano_BTC has shared some important changes on the chart. They are a “Falling Wedge” pattern that has shifted higher with a clean “Trendline Breakout.” The chart from the analyst also displays a potential target of +50% Uptrend.

Technical analyst Christiaan concurs with this technical outlook. He just tweeted that the Solana price is heading to $250. Another analyst, Lucky, expressed strong conviction about Solana’s prospects. He called it the easiest trade of the century and predicting more green candles are coming.

The technical configuration shows SOL finding support at a point known as a Demand Zone, which Luciano_BTC identified, prior to starting its current rally. The chart shows a number of possible points of resistance to $250, with targets towards $180 and $220 before reaching the final destination. CoinGape has also analyzed and shared their price prediction for Solana, which shows that SOL is 49% bullish.

The post Solana Price Targets $250 as SOL Strategies Unveils $500M Convertible Note to Buy SOL appeared first on CoinGape.

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