Institutions continue to stack more cryptocurrencies, either directly or through ETFs. Recently, JPMorgan Chase and Dartmouth College made their new Solana ETF holdings public.
With the passage of the Crypto Market Structure Bill through the Senate Banking Committee, adoption can only go further. However, the bill has passed the most critical level but has not yet been signed into law.
Solana ETF Institutional Accumulation
According to the latest filing for the first quarter of 2013, JPMorgan Chase revealed that its position in the Solana ETF was worth $523,000. The banking institution was accumulating Bitwise’s Solana Staking ETF.
Dartmouth College increased its stake in SOL ETF, but its holdings of Bitcoin (BTC) and Ethereum (ETH) remained unchanged. The filing revealed that the institution added $3.30 million, bringing its total crypto exposure to $14.50 million.
These positions meant that Bitwise’s Solana Staking ETF was gaining more ground. It is the largest, with total inflows reaching $900 million. More than $677 million was paid out post-launch, while the ETF purchased $223 million in seed to begin operations.
On a broader scale, all SOL ETFs are experiencing a streak of positive inflows in May. This month, more than $90 million was purchased. The largest inflow of $26.57 million occurred on May 12.
In total, the eight products have absorbed more than $1.05 billion in capital as of press time. The inflow was equivalent to 1.93% of the altcoin’s market capitalization. This indicated that the products were attractive to investors.
More importantly, cash flowed into Solana. According to SolanaFloor, Circle generated an additional $500 million USDC in the last 24 hours. This showed the demand for crypto exposure via stablecoins on SOL.
As inflows increase, SOL price remains approximately 70% below its all-time high of $297.
Can SOL surpass $98?
On the charts, Solana was trading sideways between $78 and $98, in a $20 range. Since February, the altcoin has been in this consolidation, with $88 as the recent turning point.
The altcoin is trading above the Ichimoku Cloud, adding weight to a potential breakout. However, the saccade index (CHOPP) is at 43 and increasing, indicating that the lateral movement may be expanding.
Only a move above $98 could signal a change in market structure. This would bring the price of SOL to $107, or even $117. However, the level was rejected twice during this period.
Conversely, if the resistance at $98 is not breached, the price would return to the mid-range at $88. Increased selling pressure could result in a full retracement to the $78 floor price.
Final summary
- JPMorgan, among other institutions, accumulates Solana ETFs, notably that of Bitwise.
- Solana price action is trading in a sideways range as CHOPP readings suggest the move could extend.
