Solana’s cryptocurrency ($SOL) has had an impressive year, surging over 230%. It’s thriving thanks to the overall recovery in the cryptocurrency market, outperforming many other digital currencies.
However, it hit a rough patch when the FTX exchange, supported by the former CEO Bankman-Fried, who was a Solana advocate, collapsed at the end of last year. This led to a drop in $SOL’s price, which fell as low as $11 before it began to recover.
Despite this setback, Solana’s strong price performance has piqued the interest of institutional investors who see potential in it.
“Solana Sees Massive Inflows, Poised for Breakout”
According to a recent report from CoinShares, Solana attracted $15.5 million in investments last week, bringing its total year-to-date inflows to $74 million, representing 47% of their overall assets under management.
This surge in investments occurred during a week when the cryptocurrency market received $65.6 million in total inflows. Bitcoin-focused investment products led the way with $55.3 million, closely followed by Solana-focused products.
On the other hand, investment products concentrating on Ethereum saw $7.4 million in outflows, while products covering multiple digital assets experienced $600,000 in outflows.
A crypto analyst known as Bluntz has suggested that Solana is on the verge of a major breakthrough. He believes recent price movements indicate that Solana is likely to outperform Bitcoin in the near future. Bluntz also mentioned that Solana’s year-long accumulation phase in both USD and Bitcoin appears to be ending. Once Solana crosses the $32 mark, he anticipates a significant upward surge, describing it as “the floodgates being unleashed.”
At the time of writing, Solana is trading at $32.7, having risen nearly 4% in the last 24 hours and over 39% in the past week.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News