Solana shows significant growth, climbing to $191 and crossing a crucial resistance level, accompanied by short liquidations and institutional inflows.
Short Liquidations
According to Coinglass, over $11 million in short positions were liquidated as Solana's price crossed the $190 mark. The largest single liquidation occurred at $188, valued at $1.13 million. This added upward pressure as traders moved to cover their positions.
Liquidity Levels Above $190
Data shows that the $190 level is significant, with over 8 million SOL acquired previously. The supply becomes less dense above this level; only 1.59% of the total supply was bought above $189. This reduces resistance and could allow prices to move upward with less friction.
Institutional Inflows and Outlook
According to CoinShares, Solana investment products attracted $39 million last week, placing them among the highest inflow totals for non-Bitcoin assets. This reflects growing interest from funds and asset managers in Solana's ecosystem, including DeFi and NFT sectors.
Traders are now watching whether Solana can hold above $190. Conditions remain favorable for further upward movements as trading volume increases and institutional support grows.
