Amid the ongoing back-and-forth movement in the crypto industry, Solana (SOL) price continues to consolidate in a horizontal pattern. This low volatility offers investors a chance to accumulate more coins.
Institutions Bet on Solana Network
Apart from Ethereum, the Solana network has been a favorite among institutional investors looking to tokenize real-world assets. At the Global Fintech Fest, Infosys co-founder Nandan Nilekani presented the Finternet project on the Solana network, which aims to tokenize assets using a unified ledger. Additionally, Robinhood Wallet announced integration with Solana to enable self-custody of SOL and its tokens, while PayPal’s PYUSD recently surpassed $1 billion in market cap, holding 64% market share on the Solana network.
Crucial Midterm Targets for SOL
After Solana was rejected at the resistance level of around $163, this large-cap altcoin, with a market cap of roughly $69 billion, has been in correction mode. As of this writing, SOL price has dropped about 5% in the past 24 hours to approximately $146. Crypto trader Altcoin Sherpa predicts that SOL will continue consolidating between $120 and $150 before an inevitable bullish breakout.
Forecasting the Bullish Breakout
SOL shows considerable growth in web3 activities, reaching a total value locked of over $5.1 billion and a stablecoins market cap of around $4 billion. Meme coins on the Solana network have a market cap of about $6.5 billion with a daily average trading volume of approximately $1.7 billion. These indicators suggest the possibility of a significant bullish breakout in the near future.
In conclusion, Solana’s price continues to hold within a narrow range, providing an accumulation opportunity for investors. Institutional bets and increasing network activity signal potential positive changes ahead.
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