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Solana's (SOL) Meteoric Rise in 2021 About to Repeat: Inflows Skyrocket Past $100 Million

Fri, 27/10/2023 - 9:11
Solana's (SOL) Meteoric Rise in 2021 About to Repeat: Inflows Skyrocket Past $100 Million
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Over the past few days, there has been a significant uptick in capital movement within the realm of cryptocurrency-focused products. Remarkably, weekly inflows have now soared past the $100 million mark, highlighting increasingly bullish sentiment in the market.


A standout performer in this influx of capital is the 21Shares Solana Staking ETP (ASOL), which has clinched the second spot in terms of net monthly flows. Such a momentous surge brings back memories of the astronomical growth witnessed by SOL in the latter half of 2021.

Turning our attention to the daily price chart provided for Solana, a few key patterns and trends emerge. The sharp upward trajectory displayed in the recent bars clearly signals that Solana has been gaining momentum. This robust ascent, mirrored by a notable increase in trading volume, underscores growing investor interest.

Solana chart
Source: TradingView

Moreover, the convergence of moving averages and the recent bullish crossover suggests a positive trend. This can be considered a sign of potential further upside for Solana, echoing the sentiment of the latter part of 2021. With the price hovering near the $32 mark, it is worth noting that any significant break above current resistance levels could propel SOL to newer highs, much like the previous year.

FTX Moves $59M in Diverse Crypto Assets

However, while technical indicators are promising, it is essential to exercise caution and conduct due diligence, as the cryptocurrency market is known for its volatility. That said, the signs do point toward a possible rally continuation, which could be indicative of Solana's inherent strengths and potential.

Beyond mere price speculations, Solana has positioned itself as a potent contender in the blockchain space. Known for its high throughput and low transaction costs, it provides an efficient platform for decentralized applications and crypto projects.


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