Solana Sees $83 Target as Cathie Wood Boosts Stake

Solana's price has been testing resistance at $76, and if it breaks through this level, analysts say it could reach a target of $83. This prediction comes after Cathie Wood's ARK Invest increased its exposure to Solana by buying 7,115 shares of the 3iQ Solana Staking ETF on Aug. 17.

The purchase was made as broader ETF inflows stalled, but Solana ETFs recorded $10.26 million in net inflows during the Aug. 10-14 week, which is the strongest weekly result cited in the report.

Despite this, Solana's DeFi TVL has fallen to $4.85 billion as stablecoin value and network liquidity declined. The token rose about 0.98% to $76 on Aug. 18 with trading volume increasing 25% to roughly $1.38 billion.