The Solana price has climbed back up to $145 today, returning to the level it was at the start of the week, before the US launched strikes against Iran.
This means that SOL is up by 17.5% in the past month, with the altcoin holding on to a 6% gain in the past year.
This is a modest return, but recent data has emerged that shows institutional demand for SOL reaching new highs, after Solana futures on the CME hit a volume of 1.75 million contracts.
Demand for the token is therefore growing steadily, and with the coin having some of the strongest fundamentals in the market, the long-term Solana price prediction remains very strong.
Solana Price Prediction: Institutional Demand Hits New High – $1,000 SOL Incoming
Sharing its data on X, Glassnode posted yesterday that the surge in SOL CME contracts “suggests institutional investors are positioning aggressively as price rebounds to ~$145.”
As the chart above makes clear, volumes have been high in June, which boasts three of the busiest days in terms of Solana futures this year.
What this suggests is that, after a difficult period for Solana and the wider market, investors (including institutions) are steadily returning to the token, buying it while it remains relatively cheap.
There have also been some major spot transfers in recent days, with yesterday also bearing witness to the movement of $107.7 million in SOL from one unknown wallet to another.
Now may therefore be a good moment to resume buying Solana, given that the ceasefire between Iran and Israel appears to be holding.
A cessation of hostilities in the Middle East could be the factor that helps the Solana price to recover strongly over the coming weeks and months, with its chart today showing signs of a rebound.
Source: TradingViewAfter several weeks running below its baseline, SOL’s moving average convergence divergence (orange, blue) has bottomed and begun rising, which again is a sign that it’s turning a corner.
We see something similar with its RSI (purple), which has bounced from 30 in recent days and also looks like it will have an upwards trajectory.
When combined with Solana’s bullish fundamentals (e.g. second-biggest L1 in terms of TVL, big updates on the horizon), such technicals point to a steadily rising price over the medium- and long-term.
The Solana price could therefore hit $160 in the next one or two weeks, before entering August at just over $200.
Snorter Raises $1.2 Million As It Prepares to Launch Automated Sniping Bot: The Next Big Thing?
As strong as Solana remains, traders may want to diversify their portfolios in order to increase their exposure to potential upside.
This means allocating a percentage to smaller, newer tokens, including presale coins, which can often rally big when they list for the first time.
For example, Ethereum- and Solana-based token Snorter (SNORT) has now raised just over $1.2 million in its ICO.
It has been attracting investors by virtue of its state-of-the-art trading bot, which boasts an automated sniping function that will help users make trades ahead of the crowd.
Not only will it help users snipe emerging coins quickly, but it also comes with such features as copy trading, atomic swaps, limit orders, and protection against rugpulls.
It’s therefore a hugely comprehensive and efficient trading bot, with native token SNORT, which is required to pay for access to its features.
SNORT will have a max supply of 500 million tokens, while holders will also be able to stake it for a regular income.
You can buy it early by going to the Snorter website and connecting a wallet, such as Best Wallet.
It’s currently available at $0.0963, but this will rise in under two days, so newcomers should act quickly.
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