Solana has become a top pick for institutional investors, recently attracting an impressive $5.7 million in new investments. This solid support could significantly boost SOL’s price as it strives to reach significant milestones. Recently, Solana (SOL) saw a remarkable surge in activity, with a staggering $224 billion in assets transferred on its network in just one day.
This amount is nearly three times Solana’s total market cap of $76 billion, showcasing a growing interest in the platform, particularly among institutional investors. CoinShares highlighted that Solana has emerged as a top choice for institutional investors in the week ending Nov. 2. During this week, Solana saw impressive inflows of $5.7 million, a noteworthy figure, especially when you consider that Ethereum attracted $9.5 million in the same timeframe.
Solana eyes on $185 amid investor interest
Meanwhile, growing interest from institutions highlights Solana’s position as a top blockchain network. This trend boosts its potential for long-term growth and makes it increasingly attractive to major investors. Even with the recent downturn in the cryptocurrency market, Solana continues to enjoy solid backing from institutional investors.
Currently, Solana is priced at approximately $161.24, reflecting an 11% drop over the past week. It’s trading just below the important resistance level of $165. Turning this resistance into support is crucial for SOL as it sets its sights on reaching the next target of $185. Additionally, Solana could see its price climb to around $175 or even higher if successful.
Increased interest from institutional investors could fuel this rally, making it an exciting opportunity for investors. However, if SOL can’t maintain a price above $165, it could drop to about $155, raising worries about a deeper decline to around $140.
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