Amid the ongoing back-and-forth movement in the crypto industry, Solana (SOL) price continues to consolidate in a horizontal pattern, which is less interesting to leveraged traders but crucial for hodlers. The low volatility registered by Solana price in the past few months has given buyers a chance to accumulate more coins.
Furthermore, a gradual shift in demand from Bitcoin to altcoins signals an inevitable altseason in the near term. As a result, most investors are closely monitoring the weekly Bitcoin dominance in anticipation of a reversal, which will signal the onset of the parabolic altseason.
Institutions Bet on Solana Network
Apart from Ethereum, the Solana network has been a favorite among more institutional investors seeking to tokenize real-world assets (RWA). Earlier today at the Global Fintech Fest, Nandan Nilekani, co-founder of Infosys, presented a demo on the Solana network of the Finternet project, a user-centric global financial infrastructure tokenizing any asset on a unified ledger.
On Tuesday, Robinhood Wallet announced the integration with the Solana network to enable its customers to self custody SOL and its based tokens. Meanwhile, PayPal’s PYUSD recently surpassed a market cap of $1 billion, with 64 percent of the market share on the Solana network.
The Solana’s web3 activity has significantly grown in the recent past to a total value locked of over $5.1 billion and a stablecoins market cap of around $4 billion. The meme coins on the Solana network have a market cap of about $6.5 billion and a daily average traded volume of around $1.7 billion.
Crucial Midterm Targets for SOL
After Solana price was rejected at the resistance level of around $163, the large-cap altcoin, with a market cap of about $69 billion and a daily average traded volume of around $4 billion, has been trapped in a correction mode.
As of this writing, SOL price had dropped around 5 percent in the past 24 hours to trade about $146. According to crypto trader alias Altcoin Sherpa, SOL price will continue to consolidate between $120 and $150 before an inevitable bullish breakout in the near term.
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