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- Solana (SOL) experienced an impressive 32% price increase over the past week, surpassing $30 and bringing its total 2023 gains to 213%, with net inflows for the year at $74 million.
- Solana’s investment products have attracted $15.5 million in inflows in the last week, outshining Bitcoin and pulling focus from Ethereum.
Over the weekend, Solana (SOL), a formidable competitor to Ethereum’s Layer-1, saw its price ascend beyond the $30 mark. As of the current market status, SOL is enjoying a 5.15% increase, trading at $30.16, with a market capitalization standing at $12.56 billion.
Inflows on the Rise: A Sign of Investor Confidence
The previous week witnessed Solana’s price making a remarkable 32% leap. During the same timeframe, investment products related to Solana attracted a substantial $15.5 million in net inflows. As a result, the year 2023 has seen Solana’s investment products amassing a total of $74 million in inflows, accounting for 47% of the total Assets under Management (AuM), data from CoinShares reveals.
Furthermore, the price rally of Solana has been bolstered by Bitcoin’s performance, which saw a climb to $31,000 on Sunday, October 22. Investment products related to Bitcoin too enjoyed an influx of investments in the past week.
The remarkable surge in Solana’s price has successfully diverted investor attention from Ethereum, positioning Solana as a preferable alternative. While Solana’s net inflows were on the rise, Ethereum faced a $7.4 million outflow in the previous week.
Prospects of a Mega Rally: A Technical Perspective
Solana’s performance in the last 10 months is a testament to its potential, with a climb from $10 to $30. The previous week alone saw a robust 41% increase, a 60% rally in the past month, and a 41% rise over the last six months.
Having breached the $25 resistance level that held for almost a year, SOL’s recovery needs to be solidified with a daily candlestick close above the crucial $35 resistance. Achieving this would open avenues for a rally to $40, a 29% increase, setting the stage for a potential climb to $50 and eventually doubling to reach the $100 mark.
Notably, SOL is maintaining a position above all significant Moving Averages (MAs), providing solid support against potential downward movements. It is essential to highlight that these MAs issued a buy signal for Solana on the daily chart, marked by a golden cross on October 20, where the 50-day Exponential Moving Average (EMA) crossed above the 200-day EMA, confirming the strength of the current uptrend.
