Inflows Skyrocket Past $100 Million
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Arman Shirinyan Solana’s massive rally in October getting even more fuel from institutional investors Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. 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. 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…
Filed under: News - @ October 27, 2023 9:12 am