Cathie Wood Doubles Down on Solana, Eyes $83 Breakout Target
Solana's price has been testing resistance at $76 since Aug. 18, but Cathie Wood's ARK Invest is still betting on a breakout above this level. According to an ARK trade tracker cited by CoinGape, the firm bought 7,115 shares of the 3iQ Solana Staking ETF on Aug. 17.
The purchase comes as demand for Solana exchange-traded funds weakened, with SoSoValue data showing no new inflows since Aug. 12. However, Solana ETFs recorded $10.26 million in net inflows during the Aug. 10-14 week, the strongest weekly result cited in the report.
A cup-and-handle pattern on the daily chart suggests that a confirmed move above resistance could open an 8.9% advance toward $83, according to CoinGape market analyst Muthoni Mary. However, Solana's DeFi TVL has fallen to $4.85 billion as stablecoin value and network liquidity also declined.
The broader decline shows that Solana was not alone in losing locked capital, with total DeFi TVL across blockchains dropping from $114 billion to $75 billion.