With growing institutional interest in Solana, investors are watching to see if it can surpass the $165 level. Let's examine the key factors affecting its price.
Institutional Inflows: $5.7 Million in Solana
According to CoinShares, institutional investors channelled $5.7 million into Solana in the week to November 2. These investments highlight the high regard for the platform despite market fluctuations.
Strong Network Activity: $224 Billion Transactions
Solana is not only seeing inflows but also boasts strong network operations with $224 billion in transactions in a single day. This volume underscores Solana's growing significance in the crypto ecosystem, appealing to investors who consider network performance a crucial indicator of value.
Can Solana Surpass $165?
SOL is currently priced at $162.67 after an 11% drop last week. The $165 level is crucial; if surpassed, Solana may reach $185, but if not, a drop to $155 or even $140 is possible.
Institutional backing strengthens Solana's growth prospects, but risks and fluctuations remain, especially around the critical $165 level.
