Investors have shown confidence in Solana-focused investment products in the year, as the digital currency’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, past week, digital currency investment products saw an inflow of $176 Million, marking an eighth consecutive week of inflows. Although while Bitcoin (BTC) took the lion’s share of the funds, Solana (SOL) stood out between the altcoins, with an inflow of $13.6 Million compared to others like Ethereum (ETH), Cardano (ADA), and XRP.
This surge in investment indicates that institutional investors are betting on Solana (SOL) as it outperforms the wider digital currency market, having surged nearly 500% so far this year and over 115% in the last 30 days. In addition, investment products focusing on numerous digital currencies saw $7.9 Million of inflows in the previous week, suggesting investors are looking to increase their exposure to the space.
A top digital currency strategist predicts that Solana’s price could continue to rise, based on technical analysis, indicating a probable 22% increase from its current price level.
Ethan Glober emerges as a visionary weaving the roles of crypto analyst, relentless researcher, and editorial artisan into a captivating narrative of insight. Within the dynamic realm of digital assets, Ethan’s insights resonate like an intricate melody, resonating with curious minds from all walks of life. His ability to untangle the most complex threads of crypto intricacies seamlessly melds with his editorial finesse, transforming intricacy into a harmonious composition of understanding.
