Solana Price Eyes $83 as Cathie Wood Boosts SOL ETF Exposure

Solana (SOL) value gained 0.98% on August 18 to commerce close to $76, whereas buying and selling quantity jumped 25% to $1.38 billion. The uptick comes as Cathie Wood’s ARK Make investments will increase its publicity to a Solana staking ETF regardless of cooling demand throughout spot SOL funding merchandise.

ARK Make investments bought 7,115 shares of the 3iQ Solana Staking ETF on August 17, in line with ARK Make investments tracker knowledge. Of these shares, 3,830 have been acquired by the ARK Subsequent Technology Web ETF (ARKW), whereas one other 3,285 have been bought by the ARK Blockchain & Fintech Innovation ETF (ARKF).

The transfer comes as Solana ETF demand exhibits indicators of slowing. SoSoValue knowledge signifies SOL ETFs have recorded no new inflows since August 12, reflecting weak point throughout the broader crypto ETF market. Nonetheless, Solana ETFs attracted $10.26 million in weekly inflows between August 10 and August 14.

In the meantime, the Solana value chart is displaying a cup-and-handle sample, which may strengthen the bullish outlook if SOL breaks above the important thing $76 resistance stage. A confirmed shut above this barrier may open the door to an 8.9% rally towards $83. The Relative Energy Index (RSI) stands at 53, suggesting modest bullish momentum.

Nevertheless, $76 stays a big hurdle, with SOL failing to shut above this stage since July 20. One other rejection may ship the token towards the decrease Bollinger Band close to $72 earlier than patrons try a restoration.

Solana community exercise can be weakening. DeFiLlama knowledge exhibits Solana’s whole worth locked (TVL) has fallen from $8.19 billion to $4.85 billion. TVL measured in SOL declined from 75 million SOL on June 7 to 63.84 million SOL, whereas the community’s stablecoin market cap dropped from $16.4 billion to $15.3 billion.

The decline, nonetheless, is just not distinctive to Solana, as whole DeFi TVL throughout all blockchains has fallen from $114 billion to roughly $75 billion.