The post Solana (SOL) Gains Institutional Interest Worth Millions appeared on BitcoinEthereumNews.com.

Solana has seen strong institutional inflows of $5.7 million second only to Ethereum and far exceeding other altcoins in the crypto market. Despite the crypto market’s volatility, institutional investors are supporting Solana, this indicates that many investors view Solana as a promising network with the potential to grow further. Solana is famous for offering blazing fast transactions and low fees making it one of the most prominent layer-1 blockchain projects. Recently, Solana has captured the spotlight by gaining institutional interest and rallying other altcoins. Last week, Solana saw inflows of $5.7 million from institutional investors. Although Ethereum still leads with $9.5 million in inflows, Solana stands out, surpassing other altcoins by a substantial margin. These inflows reflect the strong appeal of Solana’s technology and its place in the market, especially as institutional investors tend to favor assets they see as having solid long-term potential. For Solana to initiate a sustained recovery, it needs to break through the $161 resistance level and then hold it as a new “support” level. This conversion from resistance to support would create a stronger price base for Solana to rally further, potentially toward targets like $175 or even $186. However, if Solana fails to hold $161 as support, the price could retreat to $155. In the crypto market, many altcoins typically follow Bitcoin’s lead, when BTC’s price rises or falls, other altcoins often do the same, creating a pattern of correlated price movements. However, Solana has displayed a tendency to diverge from this pattern. This phenomenon, known as “decoupling,” indicates that Solana’s price movements aren’t always tied to Bitcoin’s. Instead, factors specific to Solana such as its technical features, network usage, or unique investor interest may play a more significant role in its price behavior. In the past month, Donald Trump has made comments about…

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Filed under: News - @ November 5, 2024 4:20 pm