- Investment Surge: Solana-focused products witness $13.6M inflows, leading altcoins.
- Institutional Confidence: Institutional investors favor Solana’s 500% YTD surge and 115% 30-day performance.
- Analyst’s Prediction: Respected strategist forecasts a potential 22% increase in Solana’s value.
Investors have directed more than $135 million into Solana-focused investment products this year, following the cryptocurrency’s 500% price surge in the wake of the FTX collapse.
According to CoinShares’ Digital Asset Fund Flows report, cryptocurrency investment products experienced a total of $176 million in inflows last week, marking the eighth consecutive week of inflows. Bitcoin investment products took the majority share, with $154.7 million invested, while Solana stood out among altcoins.
Solana-focused investment products received $13.6 million in inflows last week, surpassing Ethereum at $3.3 million, Cardano (ADA) at $800,000, and XRP-focused products at $500,000.
Institutional investors are showing interest in Solana, which has outperformed the broader cryptocurrency market, surging nearly 500% this year and over 115% in the last 30 days.
Investment products covering various digital currencies, providing investors with broader exposure to the cryptocurrency space, recorded $7.9 million in inflows over the past week.
In a recent social media post, a cryptocurrency strategist who accurately called Bitcoin’s 2018 bear market bottom suggested that Solana’s (SOL) price could increase by an additional 22% based on technical analysis.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.