Solana’s surge in inflows defies market trends—what’s fueling its unexpected rise amid Bitcoin’s decline?
- Solana’s ETP inflows surged 7,600% despite a broader market downturn. Solana outperformed Bitcoin and Ethereum in year-to-date performance, showing significant resilience.
Despite the broader crypto market experiencing a downturn in September, some coins have demonstrated notable resilience.
While many assets struggled, certain cryptocurrencies stood out by maintaining stability or even gaining traction during this challenging period.
Solana outperforms
As highlighted in the latest CoinShares report, Solana [SOL] emerged as the top performer in the crypto investment landscape.
SOL’s Exchange-Traded Products (ETPs) saw a staggering 7,600% increase in inflows within just a week, soaring from $100,000 to $7.6 million.
This remarkable surge brings the total year-to-date inflows for Solana to $39 million, a significant recovery following the $26.7 million in outflows the asset experienced in August.
Solana vs. others
The report highlights a stark contrast in weekly flows among the top three cryptocurrencies.
Bitcoin [BTC] experienced significant outflows of $319 million, Ethereum [ETH] followed with $5.7 million in outflows, while SOL stood out with impressive inflows of $7.6 million.
Source: etp.coinshares.com
When looking at year-to-date performance, Solana has emerged as the top performer among digital assets, surpassing all others except BTC and ETH.
This positions SOL as a leading contender in the crypto market, showcasing its resilience and growing appeal to investors.
This is particularly noteworthy given that Solana ETF has yet to launch.
Other ETFs performance analyzed
Bitcoin ETFs have significantly boosted adoption since their introduction, contributing to BTC’s surge above $70,000 in March.
However, Bitcoin is currently experiencing a wave of outflows.
Ethereum ETFs, meanwhile, have faced challenges since their debut, struggling to drive ETH above $4,000.
Despite this, recent updates suggest signs of renewed inflows, hinting at potential improvements in the future.
Impact on Solana
On the price front, SOL saw a 2.02% increase in the past 24 hours, trading at $134.68.
Despite this rise, technical indicators such as the RSI and MACD point to ongoing bearish sentiment.
For Solana to shift to a bullish trend, it will need to break through the resistance level at $150.
Source: TradingView
Remarking on the same, TheoTrader said,
“I dont care what you believe, Solana will reach $400 next year & there is nothing you can do about it.”
Source: TheoTrader/X
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