Solana Eyes Price Breakout as Cathie Wood Boosts ETF Bet

Solana's price action has been watched closely by investors after Cathie Wood's ARK Invest increased its exposure to the cryptocurrency. On August 17, ARK Invest bought 7,115 shares of the 3iQ Solana Staking ETF, which includes SOL tokens. This purchase came as demand for Solana exchange-traded funds weakened.

The token is currently testing resistance at $76, a level that has held firm since July 20. A close above this price could trigger an 8.9% advance to the next target of $83, according to CoinGape market analyst Muthoni Mary.

However, Solana's DeFi TVL has fallen to $4.85 billion, down from a peak of $8.19 billion in July. This decline reflects a broader trend in the crypto market, with total DeFi TVL across blockchains dropping from $114 billion to $75 billion.