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Solana (SOL) Sustains Second Week of Inflows as Blockchain Sentiment Improves

Mon, 01/30/2023 - 16:01
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Tomiwabold Olajide
Solana is sustaining its second week of inflows
Solana (SOL) Sustains Second Week of Inflows as Blockchain Sentiment Improves
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According to CoinShares data, digital asset investment products saw $117 million inflows last week, the largest since July 2022, while total assets under management (AuM) have risen to $28 billion, up 43% from their November 2022 lows.

While the focus seemed to be almost entirely on Bitcoin, which saw $116 million in inflows last week, altcoins such as Solana saw inflows as well.

Solana is sustaining its second week of inflows as sentiment around its blockchain has generally improved. Solana investment products saw inflows of $1.1 million in the past week, surpassing those of the previous week, where inflows of $0.1 million were recorded.

Solana saw a remarkable rebound after declining over 42% in the wake of the FTX implosion. Once dubbed an "Ethereum killer," Solana was once the darling of FTX co-founder Sam Bankman-Fried.

Solana (SOL) Migrating to New NFT Standard in Next 60 Days

In late December 2022, Solana's token price steadily declined before plunging by as much as 20% on Dec. 29. Following Ethereum founder Vitalik Buterin's support tweet, SOL's price has more than tripled since then.

The January price bump has seen the cryptocurrency reclaim the $26 level as its price has risen. According to CoinGecko data, SOL is up 1.3% in the last seven days and 149% higher in the last 30 days. The crypto asset traded at $24.58 at press time.

Solana (SOL) Jumps 20%, Here's Possible Reason Behind Rally

SOL reclaimed the 10th spot on the list of largest cryptocurrencies by market cap before losing this spot to Polygon MATIC at press time.

Earlier in January, Citi Research published its report on Solana, saying that activity on the blockchain remained high. It also noted that a handful of key metrics had returned to pre-FTX-collapse levels, suggesting relief for some users on the chain.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.