As the crypto market faces its usual ups and downs, Solana (SOL) has emerged as a top choice for institutional investors, drawing a notable $5.7 million in new investments. This strong backing could help Solana’s price push through key resistance levels.
Will this momentum drive SOL’s rise, or could market hurdles hold it back?
Solana recently saw a massive spike in network activity, with $224 billion worth of assets transferred in just one day. This volume is nearly three times Solana’s current market cap of $76 billion, showing a surge in interest—particularly from larger investors—and underscoring Solana’s growing influence in the blockchain sector.
Recently CoinShares reported that Solana has become a favorite among institutional investors for the week ending November 2. This week alone, Solana attracted $5.7 million in inflows, which is significant, especially when compared to Ethereum’s $9.5 million.
Ongoing institutional interest in Solana strengthens its reputation as a major blockchain network with significant growth potential. Despite the broader crypto market challenges, Solana’s continued backing from large investors is a positive sign for its long-term outlook.
Solana is currently trading around $161.24 after an 11% decline over the past week, sitting just below the critical $165 resistance level. Turning this level into a support could be essential for SOL to target its next price milestone at $185.
If Solana manages to break past $165, it could gain upward momentum, potentially reaching $175 or higher. Strong institutional buying could further support this rally, making it a potentially exciting opportunity for investors.
On the other hand, if SOL fails to hold above $165, it could slip back to $155, raising the possibility of a deeper pullback to around $140.
Institutional support and increased network activity suggest promising growth potential for Solana. As capital continues to flow in and network use rises, Solana’s price outlook remains positive—but not without some risks.
The coming days will show whether SOL can leverage this momentum or face resistance from the broader market climate.
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