Solana Price Analysis: Can Rising Institutional Demand Reverse Bearish Outlook?

Key Points

1. SOL price dropped around 3.2 percent in the last 30 days, trading at about $152.83 on July 3.

2. The SOL price has consistently closed below the 50-weekly Moving Average (MA) since March, forming a potential head and shoulders (H&S) pattern.

3. Bearish sentiment could be invalidated if SOL price consistently closes above the resistance level around $189.

4. DeFi Development Corp. acquired 17,760 SOL coins for about $2.72 million, increasing its total holdings to 640,585 SOL coins.

5. Increased engagement between the U.S. SEC and fund managers seeking to offer spot SOL ETFs signals potential approval.