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Sol Methods (ticker: HODL), initially often called Cypherpunk Holdings, has skilled spectacular development over the previous couple of weeks, pushed largely by its all-in pivot to Solana.
Whereas it stayed quiet for a lot of the intervals in 2024, oscillating between $0.10 and $0.20, Sol Methods finally made its first vital transfer of the 12 months in early October and has been on a constant uptrend since then.
The truth is, inside the final two weeks, the inventory value jumped up 300% to hit a brand new YTD excessive of $0.71, fueling speculations that it could be crossing the $1 mark quickly.
Can Sol Methods really maintain this uptrend?
Introducing Cypherpunk Holdings
Cypherpunk Holdings was initiated in 2018 by Tony G, a Lithuanian entrepreneur and world-class poker participant, with a robust concentrate on privacy-driven applied sciences, property, and companies. The corporate, throughout its early phases, invested closely in cryptocurrencies that champion the ideas of anonymity, resembling Monero and Bitcoin. It additionally took stakes in privacy-centric ventures like Samurai Pockets and Chia Community.
As a matter of reality, Cypherpunk Holdings was one of many first publicly traded corporations to achieve direct publicity to Bitcoin. Nevertheless, issues took a brand new flip after the emergence of Leah Wald as the brand new CEO of the agency. With Wald on the helm of affairs, Cypherpunk Holdings has now diverted its full focus to Solana. The unprecedented transformation in its funding strategy led to its eventual rebranding as Sol Methods.
With this new path, Wald, in an announcement, says Sol Methods is now well-positioned to faucet into the expansion potential of the Solana ecosystem. On the time of writing, the agency is already working as the primary huge validator on Solana and has bought over 86,000 SOL, most of that are being staked to additional safe the community and earn extra rewards.
Extra so, since beginning its personal validator on Solana, it has made a gross revenue exceeding $266,680 from staking. On October 10, the corporate bought 4,134.80 SOLs, bringing the overall SOLs owned to 105,249.82 SOL.
Past shopping for, holding, and staking SOL, Sol Methods can also be planning to put money into tasks constructed on Solana’s infrastructure.
With that being mentioned, Sol Methods is at the moment listed on the Canadian Securities Change below the HODL ticker and on OTC markets as CYFRF. To buy some shares, buyers have to open an account with a brokerage that gives entry to the CSE or OTC markets. As soon as the account is opened, buyers can place orders by the brokerage’s buying and selling platform.
HODL Emerges One Of The Prime Inventory Gainers After 300% Positive aspects Over The Previous 14 Days
Sol Methods has made a dramatic restoration after an extended interval of consolidation. For many of 2024, the inventory traded in a comparatively tight vary, with the decrease restrict at $0.10 and the higher restrict at $0.20. Nevertheless, in early October, the inventory climbed parabolically on the charts, outperforming most of its friends.
A zoomed-out have a look at the charts signifies a robust wave in purchases, with consumers sustaining absolute management over their vendor counterparts. The technical indicators notably uphold a shopping for alternative for Sol Methods. Transferring averages, notably the 50-day and 200-day shifting averages, present an upward development, indicating a robust bullish sign.
Whereas the general sentiment across the Sol Methods market nonetheless stays constructive, its Relative Power Index (RSI) cautions buyers of a possible correction. After climbing from assist on the mid-line (50), the RSI jumped into the overbought space, nearly hitting a 90-level power earlier than retreating to 88.72. It is just a matter of time to see if Sol Methods can defy all odds and maintain its upward trajectory on this territory.
In the meantime, within the occasion that it undergoes a considerable correction, buyers may see it as a chance to purchase it at a low value. Buyers trying to “purchase the dip” within the occasion of a short-term pullback might step into the market as Sol Methods’ long-term prospects construct.
Why Is HODL Skyrocketing?
HODL’s bullish run is underpinned by a number of components. To start with, having inventory in an organization devoted completely to staking Solana and investing in its ecosystem permits Solana to stay entrenched inside a regulated sphere.
Apart from, FTX accepted the chapter plan, which permits for repaying clients with as much as $16.5 billion in recovered property. This has notably contributed to the rise of HODL as Sol Methods was in a position to get better $611,494 in USDC from Lucy Labs Flagship Offshore Fund SPC, held at FTX Buying and selling Restricted.
One other bullish sign that will have introduced Sol Methods’ inventory value to what it’s now could be the rise in delegated stake to its validator. So far, 225,158.82 SOL of the circulated amount (as of October 15) has been staked with the corporate’s validator, which equals $48,086,433.94 CAD. Out of this, 105,288.99 SOL was straight delegated by the corporate, and the remaining was distributed to the third-party delegators.
What Subsequent For Sol Methods?
A lot of current acquisitions, together with the agency’s bullish look on the Solana ecosystem, indicate beneficial future developments. As Solana is now getting into the world of regulation by HODL shares, SOL’s worth might enhance and, subsequently, have an effect on Sol Methods inventory value.
Moreover, Sol Methods is anticipated to put money into and stake different tokens and make extra acquisitions sooner or later, similar to MicroStrategy continues to amass extra Bitcoins. MicroStrategy’s huge purchases of Bitcoin reworked the corporate’s shares right into a pointer to the ‘’King of cryptocurrency.”
Sol Methods is doing the identical for Solana, as most of its SOL are bonded, which makes the corporate just like a Bitcoin mining inventory. Nevertheless, in contrast to MicroStrategy, SOL Methods has not used borrowed cash to purchase tokens.
Backside Line
Sol Methods, which has been in a consolidation part, is now the discuss of the worldwide inventory market, because of its current rebranding.
With its extremely expert management group and focus in some of the quickly rising blockchains, Sol Methods is establishing itself because the chief of the decentralized finance revolution and the first level of entry to Solana.
Nevertheless, with the inventory at the moment within the overbought area, it could be prudent to observe for the RSI’s rejection from that area to time the reversal fastidiously and keep away from the bull entice.
*Cryptonomist didn’t write the article or check the platform.
