Solana ($SOL) Continues to Outperform the Crypto Market
The smart contract platform Solana has been outperforming the wider cryptocurrency market, with its price recently breaking through the $35 barrier. Institutional investors have been betting on Solana, leading to a 70% increase in its value over the last 30 days.
Recovering from FTX Collapse
Solana’s price was negatively impacted by the collapse of FTX, as the former CEO of the exchange was a well-known supporter of Solana. This affected investor confidence in the cryptocurrency and caused its price to drop to as low as $11. However, Solana has since started recovering and drawing in institutional investors.
Growth in Solana-based Investment Products
According to CCData’s Digital Asset Management Review report, investment products based on Solana saw a 74.1% increase in assets under management in October, reaching $140 million.
Rise Aligned with Relative Strength Index (RSI)
Today’s rise in Solana’s price is aligned with the relative strength index (RSI) breaking past the 74.00 barrier and now positioned past 77. The RSI is a momentum indicator used in technical analysis to measure overbought or oversold conditions in an asset. Values above 70 indicate overbought conditions, while values below 30 indicate oversold conditions.
Hot Take: Solana’s Strong Performance Attracts Institutional Investors
Solana’s impressive performance and recovery from the effects of FTX’s collapse have caught the attention of institutional investors. With its price breaking through barriers and significant growth in assets under management, Solana is proving to be an attractive investment opportunity in the cryptocurrency market.
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