Solana faces a critical test at the $83 price level as analysts watch to see if it can overcome significant sell pressure. Data shows SOL trading near $83 after a slight daily decline, with a market cap of $47.37 billion. Despite the asset’s price dropping 57% since July, its spot ETFs have attracted $1.5 billion in inflows, with nearly half coming from institutional investors.
Solana is currently testing a major sell wall at the $83 price level. The cryptocurrency trades at $83.00 with a daily volume of $3.38 billion and a market capitalization of $47.37 billion.
Analyst CW stated the asset is attempting to move through large sell orders near this price. “The only significant sell orders for the asset lie at the $89, which could allow the asset to move upward quickly if buying pressure increases,” the analyst explained.
Meanwhile, Solana exchange-traded funds have seen substantial investment despite the price decline. Analyst Eric Balchunas highlighted that the ETFs have attracted $1.5 billion in inflows since their July launch.
Nearly 50% of these ETF assets have come from institutional investors filing 13F reports. This institutional participation is viewed as a signal of long-term confidence in the asset’s prospects.
