Solana predicted a 15% drop this week

According to cryptocurrency analysts, the Solana (SOL) token is losing the support of one of the most important investor groups, the institutions. The loss of support from institutional investors is likely to lead to a large-scale correction of Solana if the token fails to cope with this problem.

The project’s token, like any other cryptocurrency, will inevitably depend on the actions of institutional investors. They can play the role of a driver for both growth and price correction.

Perhaps it is the latter that SOL expects, as altcoin has lost a significant amount of investment from institutions. According to CoinShares' weekly report, Solana, along with Bitcoin and Ethereum, registered significant outflows.

Over the past week, institutions have withdrawn almost $ 5.6 million from the asset, bringing the total investment since the beginning of the month to $ 18.2 million. Net capital inflows into SOL since the beginning of the year amounted to only $ 1 million.

Currently, the token is trading at only $ 195, up 5% over the past day. However, SOL is likely to roll back soon if the asset fails to break the $ 201 barrier. This will potentially lead to a slump to $ 160, which means a 15% drop, as well as a breakout of support at $ 168.

On the other hand, if Solana overcomes the $ 200 resistance level, it will invalidate the bearish scenario and target SOL at $ 220.