Solana (SOL) price has been rising steadily over the past two weeks, reaching $185. The return to this level has seen SOL surpass BNB in market cap, rising to fourth place on the list of largest cryptocurrencies.
Institutions Choose Solana
One of the main factors driving the price of SOL has been the recent approval and subsequent launch of a spot ETF on Ethereum . Many market participants believe that Solana is a leading contender to receive its own ETF in the near future.
Institutional investors certainly liked the idea. According to CoinShares, SOL saw the most inflows of any altcoin after Ethereum in the week ending July 20. However, the significant gap in inflows between SOL and LTC confirms that large investors are actively investing in Solana, seeing potential in it.
SOL Price Forecast: Break Above $200
At the time of writing, SOL is trading at $185, forming a double bottom pattern . A breakout above the neckline of the pattern usually results in significant gains.
At the moment, the macro bullish pattern points to a 31% rally. The target is $245, which brings the altcoin closer to the all-time high of $260. The probability of this will increase further when $200 turns into a support level. On the other hand, a failed breakout or profit taking by SOL holders would significantly reduce the upside chances. This could lead to a drop to $175, which would invalidate the bullish thesis.
