- Solana’s ETP inflows surge 7,600% despite overall market downturn
- Solana has shown significant resilience since the beginning of the year, outperforming both Bitcoin and Ethereum.
Despite the overall cryptocurrency market downturn in September, some coins showed remarkable resilience.
While many assets have struggled, certain cryptocurrencies have stood out by maintaining stability or even gaining popularity during these difficult times.
Solana is better
As highlighted in the latest CoinShares report, Solana (SOL) is the top performing cryptocurrency investment.
SOL’s exchange-traded product (ETP) saw a whopping 7,600% inflows in just one week, soaring from $100,000 to $7.6 million.
This surprising surge brings Solana’s total inflows for the year to $39 million, a significant recovery from the $26.7 million outflows from the asset in August.
Solana vs. Others
The report highlights that there is a marked contrast in the weekly movements between the top three cryptocurrencies.
Bitcoin (BTC) experienced a significant outflow of $319 million, Ethereum (ETH) followed with an outflow of $5.7 million, and SOL stood out with an impressive inflow of $7.6 million.
Source: etp.coinshares.com
Looking at performance so far this year, Solana has emerged as the best performing asset, outperforming all digital assets except BTC and ETH.
This positions SOL as a leader in the cryptocurrency market, demonstrating its resilience and attractiveness to investors.
This is especially noteworthy considering that the Solana ETF has not yet launched.
Other ETF Performance Analysis
Bitcoin ETFs have seen significant adoption since their launch, helping BTC surpass $70,000 in March.
However, Bitcoin is currently experiencing a money outflow boom.
On the other hand, the Ethereum ETF has struggled to get the price of ETH above $4,000 since its launch.
Despite this, recent updates have shown signs of a resumption of inflow, hinting at potential improvements in the future.
Impact on Solana
In terms of price, SOL was trading at $134.68, up 2.02% over the last 24 hours.
Despite this uptrend, technical indicators such as RSI and MACD indicate continued bearish sentiment.
Solana needs to break the $150 resistance level to turn bullish.
Source: TradingView
About this, TheoTrader said:
“It doesn’t matter what you believe, Solana is going to hit $400 next year, and there’s nothing you can do about it.”
Source: TheoTrader/X