Institutional Inflows into Solana Investments Surge
If you’ve been paying attention to digital asset investment products based on Solana, you’ll know that there’s been a significant spike in institutional inflows. This surge was particularly evident as these investment products experienced a 7th consecutive week of inflows. This is a clear reflection of the bullish sentiment in the broader crypto market.
Solana’s Impressive Run and Price Gains
Solana has been experiencing an incredible run lately, with one of the best price gains this month. The native token SOL has seen its price soar over 160% in the last 30 days alone, despite the ongoing consolidation in other major cryptocurrencies like Bitcoin and Ethereum.
According to CoinShares’s latest weekly report on digital asset funds, inflows into digital asset investment products reached $293 million last week. Solana alone had around $12.4 million in inflows, contributing to its year-to-date total of over $120 million.
Total Exchange-Traded Products Reach Historic Mark
On a broader scale, total exchange-traded products have surpassed a historic $1 billion mark this year, now totaling $1.14 billion. Inflows into Bitcoin investment products made up around 19% of the cryptocurrency’s total trading volume last week, totaling $240 million.
Ethereum also saw an inflow of $49 million, while Litecoin and XRP experienced outflows of $0.3 million and $3.1 million, respectively.
Potential for SOL to Reach $100
Given the strong bullish price action and institutional inflows, Solana is showing signs that it could reach the $100 mark soon. On-chain data indicates that Solana has grown its DeFi TVL by $136 million since November began, with a total TVL on DeFi protocols based on Solana now sitting at $546 million.
At its current trading value of $58, SOL still has room to grow from its all-time high of $260. However, analysts predict that it could surge more than 80% in November if its momentum continues at this pace.
Hot Take: Institutional Interest Propels Solana Towards New Highs
As institutional interest in digital asset investment products based on Solana continues to rise, it’s clear that this cryptocurrency is poised for significant growth. With continued bullish momentum and positive market sentiment, SOL may well be on its way to reaching new all-time highs beyond the $100 mark.
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