Solana (SOL) Set To Recover, But Can It Ever Beat This DeFi Crypto at $0.035
The post Solana (SOL) Set To Recover, But Can It Ever Beat This DeFi Crypto at $0.035 appeared on BitcoinEthereumNews.com.
Solana is registering some indications of recovery with institutional inflows into its exchange-traded funds (ETFs) topping over $323 million in the last eight consecutive days, with one day recording a significant inflow of $29 million. This institutional backing has enabled SOL to stabilize at a range of $150 to $160, which is a key support level that is being aggressively held by bulls. According to the analysts, when Solana price stays above $150, there is a possibility of a short-term rebound of Solana to the $175-185 level as it has been determined that its price can hit $200 as a more realistic long-term price mark. Amid these encouraging signs, more questions are emerging among the investors, whether the currently existing networks that are layer-1, such as Solana, are capable of competing with the growth potential of emerging DeFi crypto currently in presale, especially when looking to purchase the best crypto to maximize returns. The Institutional Support of Solana Its recent institutional adoption of Solana through ETF products underscores the increasing legitimacy of this new development in the rest of the traditional finance industry. This huge pool of capital has provided a solid foundation at the present level of prices of SOL, which may have acted as a cushion against a further decline in the market. Technical indicators indicate that the MACD line is in the offing of a possible bullish crossover, and that the RSI has been fluttering around the 37 mark indicating that the asset could be in the waters of being oversold, which could be the prelude to a rebound. Nonetheless, under these positive circumstances, the road path of Solana to achieve a large percentage of gains relative to its present scale has high challenges in contrast to the projects in their earlier stages and this is why…
