The price of the cryptocurrency Solana is under pressure at resistance levels amidst growing institutional interest. Analysis indicates this could affect future price movement.
Resistance in Solana's Price Movement
At the time of writing, Solana was trading around $201, up 6% in the last 24 hours and more than 11% over the past week. Analysts noted that the price had undergone several tests of resistance in the $210–$215 range, but each time failed to break through, creating uncertainty in the market. Nevertheless, the trend of higher lows beneath the resistance level may signal steady accumulation. Analysts emphasize that resistance levels typically weaken with repeated tests.
Impact of Institutional Demand
Institutional interest is significantly reshaping Solana's market structure. For instance, Pantera Capital plans to raise up to $1.25 billion to increase its exposure to SOL. Reports indicate that the firm intends to acquire a Nasdaq-listed company, rebrand it as 'Solana Co.', and use it to accumulate tokens directly. Such strategies may ensure long-term commitments from major funds and demonstrate that institutional investors seek structured vehicles for investments.
Defining Support Levels for Solana Assets
Analysts point to the $180 level as the next critical support for SOL, aligning with an ascending trendline observed since early August. If selling pressure weakens, this zone will be crucial for further growth. Conversely, if the price drops below this level, it may lead to deeper corrections towards $165. Thus, $180 serves as a key mark for short-term market sentiment.
The current Solana price near $201 leaves the market balanced between institutional accumulation and technical rejections. Future price movements are expected to be dictated by support and resistance levels as well as the actions of institutional investors.
