Solana Company reported third-quarter net income of $105.2 million and kept buying SOL, but the token barely reacted. SOL trades below its key averages, and a floor near $74.10 now matters for the next move.
Solana Company swung to a profit of $105.2 million in the third quarter, against a loss of $352.8 million a year earlier. Yet SOL traders shrugged off the news, and the token kept sliding.
Solana Company swings to profit and adds SOL
Most of the swing came from a $102.7 million unrealized gain on its digital assets, the company said. The Nasdaq-listed firm (HSDT) also bought about 125,000 SOL with a roughly $15 million registered direct offering.
Revenue rose to $3.4 million from $0.7 million, almost all from staking. The company said its staking yield reached 5.9%, ahead of roughly 4.9% for the network. However, the profit is mark-to-market, and the nine-month result remains a $24.9 million loss.
SOL stays below its averages
SOL traded near $83 on Thursday, little changed over 24 hours. It sits below its 50-day moving average near $98 and its 200-day average near $97, so the trend points down.
SOL has lost about 13% over the past week and roughly 21% over the past month.
The firm's latest purchase is worth roughly $10 million at current prices. Against SOL's daily exchange volume, that buying barely registers.
Oversold readings have not stopped the selling
SOL's daily RSI sits near 24, and readings below 30 count as oversold. Such stretches often come before a relief bounce. MACD, however, remains below its signal line, which suggests momentum still points down.
Overhead, the sell wall begins near $96. The round number at $100 is the real test, because a close above it would put SOL back over both averages.
On the downside, a break of $74.10 leaves no mapped floor below, so losses could stretch quickly.
Source: Crypto Daily
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