Solana Price Consolidation Hides Strong Institutional Demand

The cryptocurrency market has been experiencing significant volatility in recent weeks, with many altcoins experiencing sharp corrections. However, Solana (SOL) appears to be bucking this trend, despite its price weakness.

According to data from U.S.-listed spot Solana exchange-traded funds (ETFs), these products have seen a consistent net inflow since early-mid February. This streak of positive flows has lasted for 16 consecutive trading sessions in some products, with cumulative flows reaching over $900 million since launch.

While the price of SOL has fallen to as low as $76, institutional investors appear to be quietly accumulating the token. This is reflected in the strong demand from ETFs, which have continued to see inflows despite the market downturn.

The Solana price appears to be consolidating within a narrow range between $92 and $76, but a deeper analysis of its daily chart suggests a potential triple bottom formation. If this breakout materializes, it could send the altcoin's price soaring to an initial target of $100, followed by $117.5 resistance.