Solana price prediction: Will institutions push $SOL to the $200 mark?

Solana's price ($SOL ) is receiving institutional support to achieve a significant increase this month. With retail investors also joining in, the question is whether $SOL can rise back to $200 before June.

Solana is regaining the trust of organizations

The actions of institutional investors have consistently impacted the price of Solana ($SOL) throughout 2022 and 2023. A similar bullish trend is gradually emerging, with SOL recording inflows of $11.1 million during the month This.

This increase has made Solana the 2nd best performing altcoin in institutional portfolios behind Chainlink (LINK), which is in line with Litecoin (LTC)'s performance this year.

Last week ending May 17, SOL recorded inflows worth around $5 million as the CPI report generated optimism in the cryptocurrency market. Since these giant holders are known to influence the asset's price action, it would not be surprising to see Solana react positively in the coming days.

Not only institutions but also individual investors are expecting growth. This is evident in open interest, which represents the total number of active derivative contracts or active options that have not yet been settled.

This open interest increased by $800 million over the past week from $1.77 billion to $2.5 billion. Since the funding ratio is positive, it can be determined that most of the money went to long-term contracts.

SOL Price Prediction: Key resistance level to watch

Solana (SOL) price has bounced back from the $169 support level to trade around $180 at the time of this writing.

While the aforementioned signals are bullish, the altcoin still faces resistance at $191. Breaking through this resistance will generate further growth momentum.

If $200 is reclaimed as support, SOL could rise above $201, marking a new year-to-date high.