Institutions Show Strong Interest in Solana as US Voting Kicks Off

Solana Attracts Millions from Institutional Investors

A CoinShares report from November 2 reveals that Solana attracted $5.7 million in institutional inflows, placing it as a top choice among altcoins. While Ethereum saw the highest inflows with $9.5 million, Solana’s performance outpaced other alternatives by a wide margin. These steady investments showcase ongoing institutional support, signaling strong confidence in Solana’s future.

Solana’s Independence from Bitcoin’s Movements

Interestingly, Solana’s price movement has shown a tendency to operate independently of Bitcoin, unlike many other altcoins. This reduced correlation with Bitcoin has historically benefited Solana during Bitcoin downturns, often leading to positive price action for SOL. With Bitcoin currently under pressure, Solana may have an opportunity to rebound without being overly affected by broader market trends.

Key Price Levels Ahead for Solana

At present, Solana’s price hovers around $160, just under a critical $161 resistance level. Breaking past this point could enable a run toward the $186 mark. Converting $161 into a support level may give Solana the foundation to build further gains, especially with institutional interest fueling its momentum.

On the downside, a failure to hold $161 could prompt a pullback to $155 or even lower, potentially stalling the recovery. Such a dip would likely dampen bullish sentiment and introduce caution among investors, making a swift rebound less probable.

As institutions continue to back Solana, their support could be a stabilizing force amid price fluctuations, positioning Solana as a key player with long-term growth potential.