As of press time, Solana exchanges hands at $144.52, which represents a 1.87% increase in the last 24 hours. The coin jumped from a low of $141.30 to peak at $147.31 before it settled at the current market price.
If history repeats itself and Solana reaches its historic monthly average of 52.3%, then the asset could surge to $219. The coin is likely to add much more moving forward given increased interest from market participants.
Over the weekend, Solana exploded by $8 billion in open interest as traders positioned for active trading ahead of what might be a bullish week.
Activity around the asset suggests that despite the technical challenges, with the spike in open interest, $SOL could rise to higher levels.
Institutional momentum adds support
In the broader cryptocurrency space, institutional interest is adding to the bullish potential of Solana. The Solana exchange-traded fund (ETF) outperformed both Ethereum and Bitcoin as institutional exposure shifted away from the top two leaders in the industry.
In a related development, a Solana whale recently rose from dormancy by withdrawing 80,000 $SOL from Binance exchange into a private wallet.
The move is considered a bullish bet on the asset. The holder is likely expecting the value of the coin to hit its monthly January average of over 52%, which could yield massive profit.
Meanwhile, CEO of Helius Labs, a Solana infrastructure service, Mert Mumtaz opines that the blockchain’s program model is much safer for artificial intelligence (AI) interactions. Mumtaz compared Solana to Ethereum Virtual Machine (EVM) and noted that Solana dApp developers have more opportunities to reuse codes.
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