Solana's prices show signs of a short-term correction; however, experts remain optimistic about further growth.
Technical Indicators Point to Correction
Technical analysts predict that Solana may experience a short-term correction to around $180-$190 before resuming its upward trajectory. Analyst ali_charts suggests viewing this correction as a last opportunity to buy before a potential rise to $360. A 12-hour chart shows a breakout of an ascending triangle with Fibonacci targets ranging from $250 to $362.
Institutional Interest in Solana
Data from CoinGlass shows that the open interest in Solana futures reached a record high of $993.77 million on August 14, indicating a strong positioning by traders. Meanwhile, the REX-Osprey Solana + Staking ETF attracted $182 million in assets upon launch. A 10% increase in trading volumes also emphasizes growing interest in Solana from institutional investors.
Accumulation Forces and Fundamental Support Factors
Data indicates that public companies are continuing to accumulate SOL, with total holdings of 5.904 million SOL among eight entities equating to $1.15 billion. Market conditions, such as the upcoming SIMD 326 upgrade, also strengthen interest in Solana, setting the stage for potential price pressure amidst increased demand.
The current market situation for Solana remains tense; however, positive fundamental influences and technical indicators point to a likelihood of recovery following a short-term correction.
