Key Insights:
Solana is currently testing key support levels at $77, with potential to rise to $82 and $88 if buying pressure increases.
The cryptocurrency’s net inflows hit $8.43 million on February 10, signaling strong institutional backing for the project.
Solana co-founder Anatoly Yakovenko's appointment to the U.S. CFTC Advisory Committee highlights growing credibility and institutional support.
Solana is showing signs of a potential reversal after a five-day drop, with analysts predicting the possibility of a 12% price surge. Currently trading at $80, the cryptocurrency could rise toward $82 and potentially as high as $88 if buying pressure continues. A move toward $88 represents a 12% increase from its current value.
The recent downturn in Solana’s price coincided with a broader market decline following a weaker-than-expected consumer inflation report in the U.S. The report, showing a 2.4% year-over-year rise in the Consumer Price Index (CPI), came in below economists’ expectations, adding some uncertainty to the markets. Despite this, Solana's price has shown resilience, with some positive movement observed on February 10.
Solana’s Price Forecast and Key Support Levels
Key technical levels have been identified for Solana's price action moving forward. The cryptocurrency is currently holding support at the $77 mark. If this level holds, analysts expect a potential upward move toward $82 and $88. A break above $95 could signal even more bullish momentum, with $100 as a key psychological level to watch. However, if support at $77 breaks, Solana could face further downside, with support levels at $67 and $50 as potential targets.
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Despite recent declines, derivatives data points toward tentative optimism in the market. Positive funding rates and increasing institutional interest show confidence in Solana's future, though traders remain cautious, paying a premium for short-term downside protection.
Market Trends and Institutional Support for Solana
Solana's performance has also benefited from increased institutional interest. On February 10, Solana saw an impressive $8.43 million in net inflows, marking the highest daily volume in nearly a month. This surge in inflows highlights the growing institutional backing for the cryptocurrency, which is seen as a key player in the blockchain space.
Solana’s co-founder, Anatoly Yakovenko, was recently appointed to the U.S. Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee. This move adds credibility to the project and signals growing institutional support for Solana's potential role in the broader financial ecosystem.
With key support levels intact, Solana could make a notable recovery in the coming days. Traders will closely monitor these levels, as a break above key resistance could lead to a larger upward move. While market conditions remain volatile, Solana’s strong institutional backing and growing interest suggest it could regain its momentum soon.
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