Solana (SOL) steals attention of crypto and investment products market, soaring by 38% in price

'Ethereum Killer' Solana (SOL) Records 420% Inflow Surge During Crazy 38% Price Rally
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

In a surprising turn of events, Solana (SOL), often touted as the “Ethereum Killer,” experienced an extraordinary week in the volatile crypto market, marked by a staggering 38% surge in its price.

This remarkable rally propelled SOL’s value to $31.38 per token, a level unseen since mid-July, when it briefly touched $33. The surge made Solana one of the most-talked-about assets in the digital currency sphere last week.

SOL to USD by CoinMarketCap

What truly set this rally apart was the unprecedented influx of investments into SOL-oriented products. According to the latest weekly report by CoinShares, flows into Solana-related ETPs skyrocketed by an astounding 420% within a week, totaling an impressive $15.5 million.

Source: CoinShares

This marked a stark contrast to other cryptocurrencies, especially Ethereum, which experienced outflows totaling $7.4 million due to security concerns surrounding its network.

Cautious optimism

Looking at the broader crypto landscape, digital asset investment products enjoyed their fourth consecutive week of inflows, amassing a grand total of $66 million. This four-week run of inflows adds up to an impressive $179 million.

However, according to CoinShares analyst James Butterfill, the recent inflows, while promising, pale in comparison to the initial frenzy following BlackRock’s announcement in June. This suggests that investors are approaching the crypto market with a degree of caution, despite recent positive developments.

As of now, Investors are closely watching Solana, curious to see if it will maintain its momentum and potentially serve as a testament to the growing interest in innovative blockchain technologies beyond established players like Bitcoin and Ethereum.

About the author

Leave a Reply

Your email address will not be published. Required fields are marked *