Could Solana's Price Rise Above $180? Insights Suggest a Significant Rally
Recent price movements indicate Solana may rebound following a notable correction, with forecasts suggesting it could reach $250.
Key Insights
- Solana’s price shows a potential double-bottom below $180, signaling a likely rise to $250.
- Institutional interest spikes with $156 million flowing into SOL exchange-traded products (ETPs) amid anticipation of Solana ETF approvals.
Solana (SOL) appears to be forming a double-bottom pattern below $180, which may set the stage for a recovery towards $250 in the coming weeks.
Bollinger Bands Indicate Potential Rebound
Chartist John Bollinger remarked that it might be time to monitor possible reversals using his Bollinger Bands method, as he identifies a W-bottom pattern in Solana and Ethereum. This follows previous price dips around $175, suggesting potential for upward movement.
“Price target here is $250 if the W confirms, which will happen on a neckline break.”
Institutional Investment on the Rise
Investments in SOL products surged, garnering $156.1 million in the last week, propelling total yearly inflows to $2.8 billion as per CoinShares data. Contrarily, Bitcoin-related investments faced net outflows of $513 million, indicating a reallocation by investors.
James Butterfill of CoinShares noted:
“Hype for the Solana ETF launches drove inflows.”
Given the upcoming SEC decisions on Solana ETF applications, the market anticipates a significant influx of institutional investment, similar to what was observed with Solana Staking ETF’s initial success.
