Solana (SOL) has experienced a drop below $150 in the last 24 hours, potentially marking a monthly low. Investor sentiment appears increasingly skeptical, reflected in the Open Interest (OI).
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Institutions that previously favored SOL up until May are now diversifying their investments into Litecoin (LTC) and Chainlink (LINK).
Solana Faces Investor Pullback and Shift in Institutional Preference
Solana’s price is currently feeling the impact of investor pullback, evident in the declining open interest (OI) and inflows. Investors are increasingly cautious, reflecting broader market uncertainties and volatility. Over the past week, OI has dropped by over $500 million, decreasing from $2.5 billion to $2 billion.
Until recently, institutional investors had favored Solana (SOL), showing confidence in its potential up until the end of May. However, this sentiment has shifted significantly.
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Institutions are now diversifying their portfolios by reallocating investments into Ripple (XRP), Litecoin (LTC), and Chainlink (LINK). This strategic move aims to manage risks effectively and capitalize on opportunities presented by other cryptocurrencies.
During the week ending June 8, each of these three assets received approximately $0.7 million in inflows. While Solana maintains its position with the highest year-to-date inflows, this dominance is being challenged, particularly by Ripple (XRP), which saw inflows nearing $1.2 million.
Solana Price Outlook and Support Levels
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Solana (SOL) is currently trading at $144, with expectations of a potential decline to test $137 as a support level, which has historically served as a monthly low for SOL. Continued investor skepticism may drive the altcoin’s price further down to $126.
However, if Solana manages to rebound from $137 or earlier and reestablishes $150 as a support level, it could prompt a swift recovery. Breaking through the $156 mark is crucial for SOL, as securing this level as support could lead to a bounce back towards $170. Such a move would not only help recover recent losses but also invalidate the bearish outlook.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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