Solana $SOL has been trading below its 50-week moving average since March, down nearly 3.2% to $152.83. The potential head and shoulders pattern on the chart and negative divergence in the weekly RSI pose downside risks. Nevertheless, institutional demand for the SOL token continues to grow daily.
DeFi Development, listed on Nasdaq, has purchased 17,760 SOL, increasing its holdings to 640,585 SOL (approximately $98 million). The SEC's positive review of the Solana spot ETF application has increased the number of companies considering using Solana for asset management. If institutional demand continues to grow in the second half of the year, the possibility of hitting new highs is very likely.
