The post When Will SOL Break $160? appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Like Bitcoin, Ethereum, and other top altcoins, Solana remains under immense selling pressure. While bulls struggle for momentum, $160 is emerging as a local resistance level for traders to watch out for. Despite the upside momentum in September, Solana buyers didn’t lift prices above this line. At press time, there is a local double top, even as one analyst on X notes that Solana outperformed other platforms, posting a sharp influx in net inflow. Solana netflows | Source: @0xMert_ via X Solana Received Over $800 Million In Net Flows Over Three Months Unlike Ethereum, Solana is a modern blockchain with relatively high scalability. The platform can process thousands of transactions every second, translating to low fees, and thus, more projects are choosing to launch on the network so that user experience remains unaffected. Events over the last three months, looking at the influx of capital to Solana, cement this position. Related Reading To put in the numbers, Solana registered over $800 million in net flows. This capital injection is more than double what OP Mainnet, an Ethereum layer-2, received and way more than what Sui, another scalable blockchain, posted in the last three months. It is also more than what Base and Starknet–two of Ethereum’s popular layer-2s, posted, and exceeds what Avalanche and the BNB Chain received. Interestingly, during this period, Arbitrum, an Ethereum layer-2 and the largest of them all, Linea, Blast, and Bitcoin saw outflows. Despite being the largest smart contracts platform, Ethereum posted massive outflows of nearly $800 million. It remains to be seen what could have triggered the outflows in Ethereum while encouraging capital to Solana. While on-chain fee differences could be a factor, the continuous dump of ETH in Q3 2024 could have triggered the outflow. At spot rates,…

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Filed under: News - @ October 3, 2024 1:08 am