Solana (SOL) Price Fails Bullish Pattern as Institutions Pull Out
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Solana (SOL) experienced a sharp price decline, influenced by a broader market crash and significant sell-offs by institutional investors. Over the past week, institutions withdrew over $528 million from various crypto assets, with Solana seeing $2.8 million in outflows.
Despite these outflows, other altcoins did not witness similar trends, indicating a specific focus on SOL. The Relative Strength Index (RSI) is below 50, highlighting intense selling pressure.
Solana's recent 44% gains were erased, nullifying a bullish double-bottom pattern that hinted at a potential 31% rally. Although SOL fell, it did not breach its critical support at $126, making a recovery possible.
Future price movements of SOL heavily depend on whether institutional investors reinvest in the asset. A renewed inflow could push Solana's price to $180, invalidating the current bearish outlook.
Source: beincrypto.com ↗
