Bitcoin continues to experience price volatility, once again surpassing the $70,000 mark. The BTC trend indicates an ongoing rise, despite being about $3,400 below its all-time high (ATH) level. Meanwhile, the past 24 hours have seen a rebound that led to double-digit gains for altcoins. What are the predictions for SOL Coin?
Solana (SOL)
We observed how institutional investors, with a positive premium on GSOL, have driven the price of SOL Coin above $100, reminiscent of the period leading up to early 2021 when the price of BTC was boosted with GBTC. However, the narrative is starting to sound alarms as a key detail emerges in the latest institutional investor report.
CoinShares latest report indicates that Solana investment products saw significant outflows last week. Weekly outflows reached $5.6 million, and the monthly inflow to Solana funds decreased from $23.8 million to $18.2 million in March.
This development could lead to individual investors selling on exchanges, as the trend was the opposite when institutions were buying. On the other hand, the funding rate for Solana (SOL) is also dampening optimism. The metric that measures the balance of long/short positions in derivative markets is long-oriented, i.e., positive, but has not seen growth for 10 days, pointing to a potential loss of momentum.
SOL Coin Price Prediction
SOL Coin is continuing the day with a 3% increase, trading at $190, supported by the positive sentiment in the general market as BTC tests the $71,000 level. However, it is currently avoiding larger peaks.
Investors’ reluctance to break through the $201 resistance level, along with the details mentioned in the first section, highlights the risk of SOL price making lower lows if it closes below $183. If this occurs, the popular altcoin’s price could fall to the range between $168 and $148.
Conversely, if Solana’s price reclaims the $200 resistance level, the bearish scenario could weaken. In this case, the $260 ATH region and new historical highs could be targeted. Potential new airdrops within the Solana ecosystem could bolster positive sentiment in the coming hours or days.
