Investors have shown confidence in Solana-focused investment products this year, as the cryptocurrency’s price surged by nearly 500% following the collapse of FTX, with a total investment of over $135 million. According to CoinShares’ Digital Asset Fund Flows report, last week, cryptocurrency investment products saw an inflow of $176 million, marking an eighth consecutive week of inflows. While Bitcoin took the lion’s share of the funds, Solana stood out among the altcoins, with an inflow of $13.6 million compared to others like Ethereum, Cardano, and XRP.
This surge in investment indicates that institutional investors are betting on Solana as it outperforms the wider cryptocurrency market, having surged nearly 500% so far this year and over 115% in the last 30 days. Additionally, investment products focusing on various digital currencies saw $7.9 million of inflows over the past week, suggesting investors are looking to increase their exposure to the space.
A top cryptocurrency strategist predicts that Solana’s price could continue to rise, based on technical analysis, indicating a potential 22% increase from its current price level.
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