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The Solana price has dropped 1.4% in the last 24 hours to trade at $142 as of 7:35 a.m. EST on a 21% drop in trading volume to $3.6 billion.
Despite the drop, CoinShares says a survey shows that SOL is seeing a ”dramatic increase in allocations” from institutional investors, including hedge funds and wealth managers.
“Investors are more optimistic for Solana,” said head of research James Butterfill in an Apr. 24 report.
According to a report from CoinShares, Institutional investors appear to be “broadening their exposure to altcoins” including Solana, which has seen a “dramatic increase in allocations” from wealth managers and hedge funds.
— LondonCryptoClub (@LDNCryptoClub) April 26, 2024
About 15% of investors said they invested in SOL, a big jump from none in the January survey. SOL was also ranked third in terms of the “most compelling growth outlook,” behind Bitcoin and Ethereum, the survey found.
The findings were based on a survey of 64 investors, with a collective $600 billion in assets under management.
The Solana Price Outlook
The Solana price showed a period of stability, trading within the range of $126 to $133 for a short while. Following this, there was a 20% surge as the bulls took charge, driving the momentum to the $160 resistance level.
SOLUSD Chart Analysis. Source: Tradingview.com
The bears gained control, pushing the price down and forcing the bulls to retreat to around $142.. If this trend persists, SOL’s price could drop further to the $133 support zone.
Additionally, the price has fallen below the 50-day Simple Moving Average (SMA) after climbing close to the 200 SMA before the bears intervened. However, if overall bullish sentiment picks up, the bulls might push the price above both the 50 and 200 SMA, indicating the potential for a bullish rally.
The Relative Strength Index (RSI) also shows signs of bouncing back around the 40 mark, just below the midline level 50. If momentum picks up, RSI could enter the overbought zone.
The Solana Price Bulls Ready For Another Bull Rally
Despite a drop from its record high of $160 and trading below the 50 SMA, the Solana price indicates an overall upward trend. The SOL price bulls might initiate more bullish momentum, driving the price higher to reach a high of $205 in the upcoming weeks.
However, if bears maintain control below the 50 SMA, the price bulls might retreat towards the $126 support level.
SMOG: Is This The Next 100X Meme Coin?
As traders eye SOL for potential buying opportunities, some say there’s much greater upside potential in Smog (SMOG). YouTube channel 99Bitcoins, with more than 700k subscribers, says the token still has 100x upside potential.
Smog is perhaps best known for its promise to deliver an airdrop that’s “the greatest in history.” Season 1 wrapped up on April 3 after $1 million in giveaways, and season 2 is now well underway.
It’s rewarding on-chain and trading activity in this latest season, adding another incentive for traders and investors to get involved with SMOG.
$SMOG 🐉 | The greatest #Solana #Airdrop of all time! 🔥
Buy, hold, and complete quests on #Zealy to qualify in the airdrop and climb the leaderboard! 🥇
🌐 20K+ Participants on Zealy
👥 96.71K+ Holders
💰 $145.04M+ MC
✅ 1.9M Quests Completed🪂 Airdrop link in bio!🔗 pic.twitter.com/ztTNkdkv6V
— Smog_Token (@Smog__Token) March 13, 2024
$SMOG holders have the option to stake their tokens on the Ethereum network for a 42% annual return. With Smog’s developer also hinting at an additional top-tier exchange listing soon, now could be a great time to buy.
Buy SMOG using ETH, USDT, or a bank card on the official website here, and grab the 10% discount while it lasts.
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