Solana Receives $26 Million In Inflows This Year, CoinShares Declares It as the Most Beloved Altcoin

Solana Becomes the Favorite Altcoin for Investors

According to CoinShares, Solana has been the only altcoin to attract investment inflows for nine consecutive weeks, while other altcoins experienced outflows. In the week ending September 1, Solana received inflows of $0.7 million, whereas altcoins like Polygon and Ethereum saw outflows of -$8.6 million and -$3.2 million, respectively. CoinShares also reported that Solana has received a total of $26 million in inflows this year, while Ethereum has seen outflows of $102 million.

Crypto Investment Products Experience Increased Trading Volumes

CoinShares’ report revealed that trading volumes for crypto investment products have increased by 90% year-to-date. However, crypto outflows dropped to $11.2 million, with a total of $342 million leaving crypto products due to negative sentiment. Despite this, net inflows for crypto investment products remain positive at $165 million for the year.

Solana’s Resilience in the Market

Solana investment products were not affected by the outflows, as the altcoin continues to attract investors. With weekly inflows of $700,000 and a total of $14.1 million over the past nine weeks, Solana has become the most loved altcoin among investors, with a total of $26 million in inflows this year.

Investor Momentum Could Boost Solana Price

The SOL token is the driving force behind the Solana ecosystem, used for paying gas fees on the blockchain. With its reputation as the “Ethereum killer,” Solana is a popular choice for building decentralized applications and DeFi lending protocols. Recent positive developments, such as the proposal to build MakerDAO’s native token on the Solana blockchain, indicate potential for Solana’s price to rise.

Solana’s Integration and Current Market Performance

Last month, Shopify added Solana Pay, a Solana-based payment network, to its payment options. Currently, SOL is trading at around $19.49, with a market capitalization of $7.99 billion and a daily trading volume of approximately $230 million. Investor activity may push SOL towards the $25 psychological level, representing a 28% increase from the current price.

Hot Take

Solana’s consistent inflows and positive investor sentiment make it a promising altcoin to watch. Its technological advantages and integration into various platforms contribute to its potential for future growth in the crypto market.