Institutional investors are showing increased interest in Solana, with hedge funds and wealth managers leading the charge.
A survey by CoinShares found that 15% of institutional investors now hold Solana, up from 0% in January 2024.
Despite no institutional investors holding XRP, XRP investment products are seeing minor inflows.
Solana has the third most compelling growth outlook among institutional investors, behind Bitcoin and Ethereum.
The price of Solana is currently trading in a symmetric triangle, with a potential buying opportunity between $133 and $138.
According to reports, institutional investors are considering altcoins more and more, with Solana leading the pack.
Coinshares, one of the largest digital asset investment firms observed this trend, and noted the increasing interest in Solana, particularly by hedge funds and wealth managers in a new report.
This means that now is the time for retail investors to begin asking—If the institutional investors are buying now, should we do so as well?
Let’s see what’s up.
According to the report compiled and published by CoinShares' Head of Research, James Butterfill, institutional investors are becoming more and more interested in Solana.
CoinShares based this report on findings it obtained in a survey of 64 of these institutional investors, managing a hefty $600 billion in assets.
Per the findings, nearly 15% of these investors have Solana holdings, which marks a massive upswing from January this year, when none of them had any.
15% on Solana
Other interesting findings from the report involved others like XRP.
The findings from the report showed that XRP has experienced a downturn among these investors, with none of them holding any at the time of compilation.
However, what is strange about their relationship with XRP, is that XRP investment products have been seeing minor inflows, despite how zero of these investors are currently holding the cryptocurrency.
All of this makes it hard to tell what might be going on with Ripple’s major offering.
Moreover, details of the report also show that Solana is currently the third highest, in terms of “most compelling growth outlook,”.
Around 15% of the surveyed investors currently have their weight behind Solana, which, again, is another upswing from the 10% at the start of the year.
As expected, we have Bitcoin and Ethereum taking the top spots, with 41% and a little more than 30% respectively.
The most compelling growth outlooks
Moreover, we also have a notable increase in the percentage of crypto holdings in investors’ portfolios, with around 3%—the highest since the survey started in 2021. Overall, this uptick is likely related to the launch of the 11 Bitcoin ETFs in the US.
According to the charts, Solana currently trades inside a symmetric triangle, which means that the bulls and bears are somewhat on the same footing.
Symmetric triangle on Solana
However, the bulls have the ultimate moment to take action, because the price of Solana currently sits at around $147.3, and is close to a retest of the lower trendline of this symmetric triangle.
This means that investors can wait for a retest of anywhere between $133 and $138 to get in, with the bullish outlook being invalidated by a break below the previous higher low of around $116.
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