Solana's share price has surged by 17% over the past week.

In the world of cryptocurrencies, Solana (SOL) has managed to shine this week, bucking the overall crypto market's sluggishness. The price of Solana increased by approximately 17% this week, trading around $205.7.

This impressive performance is the result of a combination of favorable factors. For one, institutional interest in Solana has been on the rise. Notable institutional holders of Solana include Upexi, DeFi Development Corp, and Exodus Movement, holding over 4.2 million SOL, worth nearly $879 million.

Another significant factor is the anticipation of SOL-backed ETFs. Applications have been filed with U.S. regulators for SOL-backed ETFs by companies like Bitwise and 21Shares. The potential launch of these listed products could attract new capital to Solana.

Moreover, several specialized funds, such as Pantera Capital, plan to raise additional capital to boost their Solana exposure. This increased investment is a clear sign of confidence in Solana's potential.

Solana reached a multi-month high above $217 during this period, with the next major resistance level for Solana (SOL) around the $217 to $230 range. If the bulls manage to break through this resistance, a potential new acceleration towards $240-250 could occur.

However, it's important to note that if the macroeconomic context remains uncertain, Solana seems well-equipped to continue its upward trend. This resilience is partly due to its integration with the U.S. Department of Commerce for publishing economic data. This integration positions Solana not only as a financial platform but also as an emerging public digital infrastructure.

Charles Ledoux, the author of this article, is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy and a Bitcoin miner for over a year, he has written numerous masterclasses and over 2000 articles. His passion for crypto is evident in his articles, as he aims to share his knowledge and enthusiasm with the community.

For those interested in buying Solana (SOL), here's a simple guide: on Bitget, create an account, fund your wallet, access the spot market, place a buy order, and use GetAgent for optimization.

In conclusion, Solana's impressive weekly performance is a testament to its growing popularity and potential. As more institutional investors and specialized funds show interest in Solana, and with the anticipated launch of SOL-backed ETFs, the future looks bright for this cryptocurrency.