Derivatives data shows institutional demand remains strong for SOL, and on-chain data points to a rally to $250.
Solana (SOL) price is meeting resistance near its all-time high again, but solid fundamentals and the impressive growth of its decentralized finance (DeFi) and non-fungible token (NFT) ecosystem are likely to drive the altcoin above $250 before year-end.SOL/USDT 1-day chart. Source: TradingViewInstitutional investor interest is likely a key factor behind Solana’s impressive 490% gain since August. For example, SOL is the fourth largest Bitwise 10 Crypto Index Fund ($BITW) component, which overall is a $1.3 billion over-the-counter tradable market instrument.Traders should remember that this event is not necessarily positive since futures contracts require both a buyer (long) and a seller (short). Nevertheless, the increasing interest allows even more substantial players to participate.DeFi is gaining tractionSo
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