Throughout the current year, investors have directed more than $135 million into investment products centered around Solana. This significant inflow has been propelled by the cryptocurrency’s remarkable resurgence, with its price soaring by an impressive 500% following the collapse of FTX.
In the most recent Digital Asset Fund Flows report by CoinShares, the cryptocurrency investment landscape witnessed a total inflow of $176 million last week, marking the continuation of an eight-week streak of inflows. While Bitcoin investment products dominated the lion’s share of these funds, receiving $154.7 million in investments, Solana distinguished itself among the array of altcoins.
Solana-focused investment products captured substantial attention, attracting $13.6 million in inflows over the past week. In comparison, Ethereum investment products received $3.3 million, Cardano (ADA) investment products secured $800,000, and XRP-focused products garnered $500,000.
This surge in institutional interest in Solana can be attributed to its exceptional performance, outshining the broader cryptocurrency market. Notably, Solana has notched up nearly a 500% surge in value year-to-date, and over the last 30 days, it has recorded an impressive gain of more than 115%. Investors are evidently betting on Solana’s resilience and robust performance amid the ever-evolving dynamics of the digital asset landscape.
Significantly, investment products concentrating on various digital currencies, providing investors with a broader exposure to the overall cryptocurrency space, witnessed a notable inflow of $7.9 million in the past week. This influx suggests a growing inclination among investors to expand their participation in the cryptocurrency sector.
In recent reports, a prominent cryptocurrency strategist, widely followed on social media for accurately predicting Bitcoin’s 2018 bear market bottom above $3,000, has put forward the notion that the price of Solana (SOL) might continue its upward trajectory.
Shared on the microblogging platform X (formerly known as Twitter), the analysis by the pseudonymous analyst, identified as Bluntz, indicated the potential for Solana to experience an additional 22% surge from its present price level, based on his technical analysis.