Cryptocurrency Solana (SOL) has reclaimed the $200 mark, its first time since June 6. The asset's price has surged nearly 50% in the past month, attracting heightened interest from investors.
Solana Growth Prospects
According to the analytics platform Santiment, the recent uptick in SOL is supported by a high level of development activity over the past two months. Experts believe that to maintain this momentum, Solana needs to flip $200 from resistance to support.
Institutional Adoption of SOL
Institutional adoption of Solana is also gaining traction. For instance, DeFi Development Corp has expanded its Solana holdings to nearly one million tokens, valued at around $19 million. The company actively engages in Solana's DeFi ecosystem, earning on asset staking.
Comparisons with Ethereum
Analysts have noted that SOL is on a path to strong growth similar to that seen with Ethereum. Considering similar levels of significance, experts have identified $220 as Solana's first target level, which they believe could be reached in the coming weeks, provided current market conditions hold.
With current indicators and institutional interest, Solana may continue its growth trajectory, potentially reaching new all-time highs in the near future.
