As the majority of cryptocurrencies see positive price movement, Solana is once again making its impact. This comes as crypto investment products experience a net influx of cash for the first time in the previous six weeks.
According to the latest CoinShares report, the vast bulk of the altcoin market saw outflows last week, putting the spotlight squarely on Bitcoin. Solana has continued to shine, surpassing altcoin investment products with $5 million in inflows even as Bitcoin’s inflow velocity begins to recover.
With 27 weeks of inflows and just 4 weeks of outflows so far this year, the cryptocurrency is reiterating its upward position among investors. Ethereum in particular has had difficulty gaining momentum from institutions, despite the fact that other altcoins like Solana and XRP have also received inflows in recent weeks.
According to CoinShares’ numbers, there’s not a lot of enthusiasm among investors for Ethereum. Despite Ethereum’s continued dominance as a DeFi and smart contracts platform, its investment products saw outflows of $1.5 million last week, marking the sixth week in a row of declining interest.
There were no net purchases or sales of Litecoin, XRP, or Tron, but there were sales of short Bitcoin and sales of multi-asset investment packages totaling $1.5 million and $1.4 million, respectively.
Since most of the inflow occurred late in the week, Coinshares concludes that investors were responding to a mix of good price momentum and anxieties about the pricing of US government debt. Solana’s ecology has expanded in other ways, despite these obstacles, which may have attracted the interest of large financial backers.
To begin, Solana has surpassed Ethereum in terms of growth and has had one of the strongest TVL performances in recent months. According to DefiLlama’s numbers, Solana’s locked-in value has recently hit a new annual high of $336.77 million. This is an increase of 64 percent over the TVL of $205.11 million at the beginning of the year.
According to Coinmarketcap’s data, Solana is the cryptocurrency that has gained the most from the current positive trend. Solana is now the seventh most valuable cryptocurrency, surpassing Dogecoin and Cardano in terms of market worth.
As of this writing, Solana has risen by 24.13% over the last week. The recent price movement in Solana is getting close to resistance around $24.5, which might trigger another fall to the downside.
