Solana (SOL) has recovered 30% of its price since the Black Monday crash, hovering between the $155-$140 range. Recent reports revealed the Solana-based investment products were among the largest losers last week after registering over $30 million in outflows.
The token continued its sideways trajectory despite the negative net flows and memecoin’s trading activity decline over the week. As a result, SOL’s recent performance was praised by some crypto analysts who deem the cryptocurrency a safe bet.
CoinShares’ recent revealed that last week’s Exchange-Traded Products (ETPs) net flows registered a positive but “low” $30 million. The data showed that crypto-based investment products saw minor inflows in the past 7 days, with mixed flows among the providers.
Per the report, the established ETP issuers continued to lose market share to providers of the newer investment products. The crypto funds’ weekly trading volume also fell to $7.6 billion, dropping nearly 50% from the $19 billion registered the week prior.
Throughout the week, Bitcoin (BTC) saw the largest inflows among the crypto assets, with a $42 million positive net flow. Short-Bitcoin ETFs registered $1 million in outflows on its second consecutive negative week.
Ethereum-based products only registered 10% of the flagship cryptocurrency’s inflows, recording $4.2 million since August 12. The positive $104 million net flows from new providers were overshadowed by Grayscale Ethereum Trust (ETHE)’s $118 million in outflows.
Nonetheless, Solana investment products had the largest outflow by cryptocurrency after Solana ETPs saw $39 million in negative week flows. 21Shares Solana ETP’s -$37 million ranked third as the largest outflow by investment product last week, only behind ETHE and GBTC.
Flows by crypto asset in the last week. Source: CoinShares
SOL Continue Sideways Trajectory
CoinShare’s report highlighted that Solana ETPs’ negative performance occurred alongside the “sharp decline in trading volume of memecoins, on which it heavily relies.”
Data from CoinGecko that Solana-based memecoins saw a 3.7% decline in the last 24 hours, registering a $3.59 billion market cap. Its market activity also displayed a similar 3% decline since Sunday, falling to a daily trading volume of $1.1 billion.
Despite this, the Solana ecosystem has moved sideways over the weekend, hovering between the $243 billion to $245 billion market cap since August 15. SOL’s price also moved between $140 and $155 over the weekend, a range it has maintained since August 12.
Crypto analyst Altcoin Sherpa that the token will see “more chop and consolidation” in the coming weeks. However, he asserted that the $125-$150 price range is a “great place to accumulate SOL.” The analyst also considers the token “is still 1 you can comfortably hold for a while.”
Similarly, Crypto Jelle SOL’s recent performance, stating that it is “still in the same sideways range, while the rest of the market made lower lows.” To the analyst, SOL will take off hard “as soon as Bitcoin finds a bid,” and a new all-time high (ATH) is “very much on the menu.”
As of this writing, SOL is trading at $144, a 1.4% drop in the last 24 hours.
Solana’s performance in the biweekly chart. Source: SOLUSDT on
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
Read more
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
