Solana (SOL) has experienced a drop below the critical $150 support level, yet remains optimistic due to ongoing bullish sentiment. The $150 mark is crucial for SOL to achieve a new all-time high and has contributed to its popularity in the market alongside other cryptocurrencies. Despite facing some network issues such as congestion, which have been resolved, SOL continues to attract positive attention.

Recent transactions involving whales are causing some concern about SOL's short-term bullish momentum. Two major transfers totaling over 22 million SOL tokens, worth over $3 billion, have taken place. These transactions raise questions about how they may impact SOL's price in the future as whale actions play a significant role in market dynamics.

To predict SOL's future price, the CoinCodex price prediction platform, which employs artificial intelligence, has forecasted a bullish trajectory for the coming months. By May 27, SOL is predicted to be trading at $162, a 14% increase from its current value. Short-term projections show SOL trading at around $143.74 by May 1.

Institutional interest in SOL is also on the rise, with a survey from CoinShares indicating a strong preference among institutional investors for Solana. This trend may enhance investor confidence in SOL and potentially influence its price trajectory positively. Despite reputation setbacks due to network outages, the increasing institutional interest is seen as a vote of confidence in Solana.

By the time of writing, SOL was valued at $142.36, showing daily gains of nearly 3%. Traders and investors should be cautious as investing in cryptocurrencies involves risks.

Source: The Bit Times.