Solana price dips 15% as institutional inflows hit $5.7 million during U.S. election week
Solana hits record 123M active addresses in October, defies market volatility
Solana (SOL) has tumbled over 15% from last week’s peak at $183, enduring a challenging period as the US election injects more uncertainty into the market. The price recorded six consecutive days of losses, extending last week's dip below the critical $160 support level just yesterday. Currently, SOL hovers around the $160 support zone.
Despite recent setbacks, Solana has remained in an uptrend since August lows, supported by an upward trendline. The current pullback could be a natural retracement, potentially laying the groundwork for a renewed upward push. Bulls will be closely watching to see if $160 holds or if the price needs to find support at the trendline before bouncing back.
Institutional confidence remains unshaken
Here's what is keeping the optimism alive: Institutional inflows! CoinShares reports that Solana attracted $5.7 million in institutional investments for the week ending November 2, trailing only Ethereum’s $9.5 million. This surge in interest stands out, as no other altcoin comes close to these figures. Such commitment suggests that significant investors still see promise in Solana, in spite of short-term declines.
Adding to the intrigue, Solana’s historical tendency to decouple from Bitcoin could be an advantage now. As Bitcoin’s price stumbles, Solana’s independent price movement may work in its favour, especially if broader market conditions shift.
The focal point is the $160 level. Holding here could set the stage for a recovery, potentially targeting $180 or even $200 if buying interest returns. However, if support fails, a drop to $155 or even lower could extend the bearish sentiment. As the US election unfolds, expect potential volatility across markets — and for Solana, the next move will be crucial.
Solana hits record 123M active addresses in October. This all-time high represents Solana's network growth and is hard to ignore
