SOL Price Shoots $30 As Solana Investment Products Record $15 Million Inflows
Ethereum’s Layer-1 competitor Solana (SOL) has been on a massive price surge moving past $30 over the last weekend. At press time, Solana is trading 5.15% up at a price of $30.16 and a market cap of $12.56 billion.
Solana Sees Net Inflows
Over the last week, the Solana price has recorded a staggering 32% gain. During the same time, the Solana investment products saw net inflows of USD 15.5 million. With this, the total inflows for the Solana products this year in 2023, have surged to $74 million, which represents 47% of the total AuM, as per data from CoinShares.
The Solana price rally also received strong support from Bitcoin, which surged to $31,000 on Sunday, October 22. The Bitcoin investment products also received net inflows during the past week.
During the recent rally, Solana has been also dragging away the attention of investors from Ethereum to itself. While Solana recorded net inflows, Ethereum recorded outflows of USD 7.4 million in the last week.
SOL Gearing for A Mega Rally to $100?
One of the most compelling indicators of Solana’s potential to be the leading performer in 2023 is its recent track record. In the past 10 months, SOL has surged from $10 to $30, marking significant gains. Over the last week, it has seen a robust 41% increase, with a 60% rally in the past month and a 41% rise over the last six months.
After being stuck below the $25 resistance level for nearly a year, SOL has finally broken through. To sustain the current recovery, Solana must achieve a daily candlestick close above another significant resistance at approximately $35.
This breakthrough would potentially pave the way for a climb to $40, representing a 29% increase. Surpassing this level becomes pivotal for initiating a trajectory toward $50 and, subsequently, doubling that to reach $100.
The “Ethereum killer” was maintaining a position above all significant moving averages (MAs), serving as robust support for potential downward movements. It’s worth noting that these MAs issued a buy signal for Solana on the daily chart, specifically in the form of a golden cross that occurred on October 20. In this golden cross, the 50-day Exponential Moving Average (EMA) crossed over the 200-day EMA, signaling the robustness of the ongoing uptrend.
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
