Solana price hovered at $137 on Wednesday after a slight 24-hour increase, showing signs of potential upward momentum. The token is eyeing a breakout above $150 following recent ETF inflows totaling $621 million over 21 days.
The overall crypto market has made a 0.66% gain over the last day, to a 4% decline over the last week. Bitcoin has held above $87,000, which is an indication of further gains. Ether price has been slightly recovering, and it is trading at about $2,900. Other altcoins, such as DOGE and XRP, are also rebounding with the help of the better market sentiment and the increase of ETF interest.
Solana ETFs Break Records with $621 Million in Total Institutional Investment
Solana’s exchange-traded funds (ETFs) have received a steady influx of institutional investments, totaling $53.1 million on November 25. This is a major continuation of the trend since the ETFs were launched. The regular inflows show that there is an increasing institutional interest in Solana and its ecosystem.
Bitwise was the first to invest, putting in money into Solana ETFs on November 25, of up to $31 million. Grayscale came second with a contribution of 16M. Fidelity contributed 4.8 million, and VanEck put in 1.3 million. These investments demonstrate that Solana is well supported by the leading investment companies.
The sum that has been invested in Solana ETFs is currently at $621 million. This continued attention is evidence of how confident institutions are becoming in the potential of Solana. With the rise in the ETF market, Solana will find itself in a stronger position in the digital asset industry.
Franklin Templeton Files for Solana ETF with SEC
Franklin Templeton, which manages more than 1.66 trillion worth of assets, has submitted an SEC Form 8-A. This filing is an important step prior to the initiation of the Solana-based Exchange-Traded Fund (ETF). Most of the time, these filings are preceded by one-day trading.
Franklin Solana ETF will be available on NYSE Arca. This action is an indicator that the conventional financial institutions are becoming interested in digital assets. The registration paves the way to the possible launch of the fund.
Will Solana Price Reach $150 in Coming Weeks?
As of the writing, the SOL price has seen a 2% surge over the past 24 hours, currently at $137. This upward price development is after the consolidation, and evidence that the cryptocurrency is continuing its rise.
Source: SOL/USD 4-hour chart: TradingviewThe MACD indicator is in the positive region, and the histogram displays green bars. But the MACD line is still slightly above the signal line, indicating that even though there is bullish pressure, there is no indication that the momentum is so strong that it can be sustained to proceed with a sustained rally. Also, the Chaikin Money Flow (CMF) is 0.08, which implies a neutral sentiment of buying and selling pressure.
For the Solana price outlook for long term, if the current momentum continues, SOL may look toward $150. On the downside, if the price fails to hold above the current support around $130, there could be a potential pullback to lower levels.
To sum up, the price of Solana is showing positive dynamics, which are underpinned by the great institutional basis and ETF inflows. Although the growth in the short term will be feasible, keeping the levels of support will be vital for further gradual growth.
Source: https://coingape.com/markets/solana-price-prediction-as-etf-inflows-hit-621m-after-21-days/
