Solana Price Rebounds as ETF Inflows Exceed $155 Million
Solana's price increased by 2% to $190 on October 31, driven by positive sentiments around US-China trade talks. This rise aligns with a notable increase in Solana ETF inflows, marking significant institutional interest.
- Solana ETFs began trading on October 28, attracting over $155 million in inflows within three days.
- Bitwise's BSOL accounts for $152.5 million of these inflows, while Grayscale's GSOL holds $2.2 million.
Solana leads Layer-1 blockchains in stablecoin supply growth, increasing by $152 million in 24 hours, surpassing Ethereum's $140 million.
Grayscale's CEO anticipates Solana ETFs could reach $5 billion in two years, potentially capturing 5% of Solana's total supply. This implies a 3,000% growth from current holdings.
Price Forecast
- Solana's price stabilized near $186.50, rebounding from lows around $179.
- The Relative Strength Index (RSI) reads 44.43, indicating potential for upward recovery.
- A sustained close above $194.50 may target $210 resistance, with potential to reach $240.
- Failure to maintain above $180 could lead to a retest at $170 support level.
