Even though Solana price action has been weak since the beginning of the year, the cryptocurrency has managed to find its demand among institutional i
nvestors. The big wallet holders are liking the asset more than other top altcoins to the point where it is finding more inflows than evenSolana price at the time of writing was up by 5% in the last 24 hours, trading at $21.61, after registering an 18.5% decline in the last ten days. One of the biggest contributing factors has been the recent integration of Solana Pay into Shopify, an E-commerce giant. on the shopping portal with the help of Solana, although initially, only USDC is supported.
This development also triggered a bullish response from investors, which prevented the altcoin from slipping further. The Relative Strength Index shows that SOL was very close to being oversold, last noted back in mid-June. Signs of waning bearishness could be observed on the Moving Average Convergence Divergence indicator as well; however, a bullish signal is yet to emerge. This signal may not be too far either since Solana is one of the institutional investors' favorite assets.
Year to date, Solana has recorded about $25 million worth of inflows, which is more than LTC, SOL, TRX and ADA combined. The week ending August 18 did not note any inflows for the asset, but it also did not record any outflows like Litecoin did.This is a positive sign for the asset, as institutional presence would serve as a major boost to any cryptocurrency. While the likes of
and Ethereum will always find support from retail investors, Solana could grow quickly if it remains the institution's top pick.
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