Solana Institutional Inflows Surge In One Week, Can The Price Reach $100?
November 15 2023 - 5:00AM
NEWSBTC
Institutional inflows into digital asset investment products based
on Solana spiked last week, particularly as these investment
products saw a 7th consecutive week of inflows. Digital asset
investment products have had inflows since the end of September and
throughout October, reflecting the bullish sentiment in the broader
crypto market. As a result, inflows into Solana have increased
steadily, and last week jumped by 15% compared to the week
before. Solana Institutional Inflows Surge Solana has been on
an incredible run recently and has had one of the best price gains
this month. Solana’s native token SOL has seen its price skyrocket
over 160% in the past 30 days alone amidst the wider buying in the
crypto industry. The crypto is up by 33% in a 7-day timeframe,
despite the ongoing consolidation in Bitcoin, Ethereum, XRP, and a
few other cryptocurrencies in the same timeframe. Related Reading:
New XRP Ledger Upgrade Goes Live, What’s New? According to
CoinShares’s latest weekly report on digital asset funds, inflows
into digital asset investment products did not mirror this
consolidation, as inflows reached $293 million last week. Solana
had around $12.4 million in inflows, up from $10.8 million the
previous week. As a result, its year-to-date inflows have now
crossed over $120 million. On the broader end, total
exchange-traded products have now crossed a historic $1 billion
mark this year and are now at $1.14 billion. This was particularly
fueled by inflows into Bitcoin investment products, which made up
around 19% of the cryptocurrency’s total trading volume last
week. Bitcoin saw inflows totaling $240 million last week,
pushing its year-to-date inflows to $1.08 billion. On the other
hand, short-bitcoin saw $7 million in outflows, indicating an
ongoing positive sentiment. Ethereum also witnessed an inflow of
$49 million, while Litecoin and XRP had outflows of $0.3 million
and $3.1 million, respectively. Can SOL Reach $100? Solana is
now definitely on its way to the $100 mark, as shown by technical
analysis and fundamental analysis of strong bullish price action
and institutional inflows. Solana is now looking to shake off the
deterrence from the FTX fiasco and is now up by more than 520%
since the beginning of the year. Related Reading: Crypto
Analyst Says MATIC Price Will Rocket Above $1.5 If This Happens
On-chain data also shows that Solana has grown its DeFi TVL by $136
million since the beginning of November. According to DeFiLlama,
the total TVL on DeFi protocols based on Solana now sits at $546
million. At the time of writing, Solana is trading at $58, still a
long way from its all-time high of $260. However, SOL has
been predicted to surge more than 80% in November. If the crypto’s
momentum keeps accelerating at this pace, a return to the $100
price target seems well within reach. SOL price recovers
above $59 | Source: SOLUSD on Tradingview.com Featured image from
The Independent, chart from Tradingview.com
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