SOL Price Shoots $30 As Solana Investment Products Record $15 Million Inflows

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.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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