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Solana is ”the most loved altcoin” after recording investment inflows for nine consecutive weeks even as most altcoins saw outflows, CoinShares said.
Solana recorded inflows of $0.7 million in the week ending Sept. 1 while altcoins again recorded outflows, most notably Polygon (-$8.6 million) and Ethereum (-$3.2 million), CoinShares said in its Digital Asset Fund Flows Weekly Report. Solana’s sucked in inflows of $26 million so far this year while Ethereum’s seen outflows of $102 million, it added.
Most Altcoins saw outflows, especially $MATIC and $ETH with US$8.6m and US$3.2m outflows respectively. On the other hand, $SOL saw inflows for the 9th consecutive week totalling US$0.7m, making it the most loved altcoin amongst investors at present.
🧵3/5 pic.twitter.com/4X1XeBI6og
— CoinShares (@CoinSharesCo) September 4, 2023
The CoinShares’ report, released on September 4, said that trading volumes for crypto investment products for the week had increased by 90% year-to-date (YTD).
Crypto outflows dropped to $11.2 million amid a seven-week run of negative sentiment that has seen $342 million leave crypto products. Net inflows for crypto investment products remain positive at $165 million for the year.
Solana investment products were, however, not affected by the outflows. SOL stood out with weekly inflows of $700,000, marking a ninth straight week in a row with inflows totaling $14.1 million over that period and $26 million year-to-date.
Bitcoin posted inflows of $3.8 million for the week while Short BTC products experienced weekly outflows of $3.3 million.
Investor Momentum Could Scale Solana Price Higher
SOL is the token powering the Solana ecosystem and is used by developers to pay for gas fees on the blockchain. Solana, which has also been referred to as the “Ethereum killer,” is a blockchain used to build decentralized applications (DApps) and decentralized finance (DeFi) lending protocols.
The network has enjoyed a series of positive developments in the recent past. Last week, Rune Christensen, co-founder of MakerDAO proposed that the project’s upcoming native token be built as a fork of the Solana blockchain.
https://twitter.com/CryptonicDaily/status/1697962795872977269?s=20
Last month, the Ottawa, Ontario-based e-commerce giant Shopify added Solana Pay, a Solana-based payment network to its payment options — starting with Circle’s stablecoin USD Coin.
At the time of writing, SOL price was hovering around $19.49, down 1.2% over the last 24 hours. Its total market capitalization was about $7.99 billion and a daily trading volume or approximately $230 million, which was up 27% on the day, according to data from CoinMarketCap.
Investor activity could lift SOL from the current level with the short-term target set at the $25 psychological level, 28% above the current price.
SOL/USD Daily Chart
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