CandleFocus Institutions Pour Millions Into Solana as US Election Voting Begins
2024-11-05
Author: Content Editor
Solana's price has been facing resistance at the $186 level, but institutional investors are still optimistic about its potential. According to CoinShares, Solana has become a top choice among institutions, with $5.7 million in inflows. This sustained institutional interest reinforces Solana's appeal as a leading blockchain network. Unlike other cryptocurrencies that closely follow Bitcoin's price, Solana has shown historical strength when decoupled from Bitcoin. This decoupling could work in Solana's favor as Bitcoin declines. Solana's current price is trading at $160, just below the key $161 resistance level. Successfully establishing $161 as support could lead Solana to reach $175 and higher. On the other hand, failing to secure $161 as support could result in a decline to $155 or even $140, delaying hopes for a recovery.
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