Solana Price Pulls Back on Weak Momentum, Despite Growing Institutional Adoption

Solana's price has pulled back 1.81% to $119.64, with traders citing weak upside momentum and technical uncertainty. The asset remains below its short-term moving average but above the medium-term average, with a broader uptrend intact thanks to its position above the long-term daily moving average.

The recent price action is seen as a consolidation phase, with the SOL/USD pair trading in a sideways band near recent highs. Technical signals are mixed, with oscillators divided on the direction of price action.

Despite the consolidation, Solana's utility growth is sustained by institutional settlement gains and ETF inflows. Fiserv's digital asset platform has gone live, processing Roughrider Coin transactions on Solana and enabling instant money transfers for over 90 North Dakota banks and credit unions.

The Bitwise Solana Staking ETF led a $1.3 million net inflow into Solana spot ETFs in the US on October 2, following a prior $1.1 million outflow. The expected price range for SOL/USD over the next 2-3 trading days is $117.71 to $122.09, with a 42% probability of an upward move.