2024

Solana

<ul> 
 <li>Solana (SOL) faces declining institutional interest and weakening technical indicators.</li> 
 <li>Average Directional Index (ADX) falls below 25.0, signaling loss of trend strength.</li> 
 <li>Price consolidation between $175 and $126 likely, with potential for recovery if $175 breached.</li> 
</ul> 
<a href="https://thenewscrypto.com/?s=Solana" target="_blank" rel="noreferrer noopener">Solana</a> (SOL), once a darling of institutional investors, finds itself at a critical juncture as the third quarter of 2024 draws to a close. 
The cryptocurrency’s recent price action and shifting investor sentiment paint a complex picture of its near-term prospects, challenging the sustainability of its previous uptrend. 
Technical analysis reveals a concerning development for <a href="https://thenewscrypto.com/?s=Sol" target="_blank" rel="noreferrer noopener">SOL </a>bulls. The Average Directional Index (ADX), a key indicator of trend strength, has dipped below the critical 25.0 threshold. 
This decline signals a major loss of momentum in Solana’s uptrend, potentially paving the way for a period of consolidation or even a reversal. Without a clear directional bias, SOL may struggle to mount a convincing recovery, leaving it vulnerable to increased selling pressure. 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="448" src="https://thenewscrypto.com/wp-content/uploads/2024/08/image-91-1024x448.png" alt="" class="wp-image-106515" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/image-91-1024x448.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-91-300x131.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-91-768x336.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-91.png 1536w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source:&nbsp;<a href="https://www.tradingview.com/x/yf8aB8uj/" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="h-solana-institutional-interest-shifts">Solana institutional interest shifts</h2> 
Compounding these technical woes is a notable shift in institutional interest. Large wallet holders, who had previously shown robust support for Solana, appear to be scaling back their positions. 
Data from CoinShares highlights this changing sentiment, with SOL recording a mere $100,000 in inflows for the week ending August 24 – the lowest among its peer group. 
This tepid institutional appetite has contributed to substantial month-to-date outflows of $34 million, raising questions about SOL’s ability to attract and retain major investors in the current market climate. 
Despite these headwinds, Solana’s price has managed to post a 24% gain over the past 20 days, bringing it to a current trading level of $161. The cryptocurrency now finds itself at a critical juncture, holding above the $156 support level while eyeing the formidable $175 resistance. 
However, the confluence of waning trend strength and diminishing institutional interest could impede SOL’s ability to breach this key barrier. 
Looking ahead, Solana’s price action is likely to be characterized by continued consolidation between $175 and $126.&nbsp;&nbsp;

Solana (SOL) Faces Declining Institutional Interest and Weakening Technical Indicators

Table of Contents

TheNewsCrypto

Other articles published on Aug 26, 2024

FET Outperforms Major Cryptos With a 70% Weekly Gain

Rumble CEO Exits Europe After Telegram’s Pavel Durov Arrest

Tether to Launch Dirham-Pegged Stablecoin for UAE, Eyes Gulf Expansion

NFT Market Revival: This Once Dead Ethereum NFT Has Sold For + $110K

Binance and CZ Face Lawsuit in Seattle Federal Court Over Alleged Money Laundering Practices

Powered by DeepBook: Version 3 Builds on Success

Join our free newsletter for daily crypto updates!