Entering 2024, Solana (SOL) was one of the top-performing assets in cryptocurrency. It has since continued its solid performance, even attracting more institutional investors. After a recent price drop due to Bitcoin’s performance, it appears that interest in SOL is back up, as buying activity amongst institutions is rising.
CoinShares’ report highlights increased institutional interest in SOL Coin. At press time, SOL is trading at just over $143. Last week, institutional investors purchased approximately $6 million worth of SOL Coin Exchange-Traded Products (ETPs), increasing the net flow of SOL from $11 million to roughly $17 million. These institutional investments mark growing confidence in SolanSolana’sve token.
Furthermore, SOL’s Relative Strength Index (RSI) is still very positive. With growing demand, rising RSI above 59 would mean a new potential surge for SOL. If a surge comes, the Solana coin could hit the $160 support and aim for a jump to $169. On the other hand, it is possible that the breakout could fail, leading SOL back down to $126 or lower.
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The Solana SOL funds have jumped by over 2000%. There is growing interest in the potential of a Solana ETF. Although Bitcoin saw its Spot ETF option approved, that was after a long string of rejections. Additionally, any ETF must contend with the agency’s decision regarding Ethereum. That token was viewed by many as the following line for a Spot ETF offering in the United States.
Therefore, we may have to wait long for any potential Solana ETF to be introduced. However, SolanSolana’snt performance remains promising for investors. Moreover, SOL has increased by more than 600% this year, showcasing even more potential for asset prominence to drive its dialogue in regulatory discourse.