Bittime – Solana (SOL) is showing signs of revival after investors returned to looking at this crypto asset . The $24 million inflow of funds is a breath of fresh air for Solana's reputation and credibility.
Previously, Solana had become the favorite among altcoins (alternative cryptocurrencies). However, their reputation was tarnished due to several network disruptions.
In fact, with the overall market surging and investor confidence increasing in 2024, demand for digital asset investment products related to Solana should also increase.
However, this trend is slowly starting to reverse direction. Solana investment products are once again in demand by investors, marked by the influx of funds amounting to $24 million in the last week.
Investor Interest in Solana
According to CoinShares' latest 'Digital Asset Fund Flows Weekly Report', Solana attracted investor interest with an inflow of $24 million after previously "receiving negative sentiment".
In comparison, Ethereum, which has a stronger position in terms of year-to-date (YTD ) inflow, actually experienced an outflow of $2.1 million last week. Other interesting inflows occurred on Polkadot, Fantom, Chainlink, and Uniswap , amounting to $2.7 million, $2 million, $2 million, and $1.6 million respectively.
Overall, digital asset investment products experienced the highest weekly inflow ever recorded, at $2.7 billion. The figure pushed total AUM (assets under management) YTD to $10.3 billion, slightly below the record inflow of $10.6 billion in 2021.
Meanwhile, weekly trading turnover jumped to $43 billion, surpassing the previous week's record of $30 billion.
The ongoing rally pushed total AUM to a record high of $94.4 billion. This reflects a 14% increase over the past week and an 88% increase so far this year.
On the other hand, CoinShares noted a small outflow of $2.5 million in blockchain equity.
Check Today's Crypto Market:
Investors Still Look to Shorting Bitcoin
Bitcoin is still an investor magnet, with total inflows of $2.6 billion, bringing the YTD total to 14% of total AUM. Despite Bitcoin's recent rise in price, investor interest in shorting (betting on the price going down) on Bitcoin remains, as seen by an additional $11 million inflow last week.
Regionally, the United States led with inflows of $2.8 billion, followed by Switzerland and Brazil with $21 million and $18 million respectively. In contrast, Canada, Germany, and Switzerland experienced profit-taking (selling assets for a profit), with outflows of $35 million, $77 million, and $39 million respectively.
Today's SOL Price
Source: Bittime
Based on the chart above, Bittime notes that Solana has a price of IDR 2,388,471 or $153.14. This price is the result of a price percentage decrease of -0.62% in the last 24 hours.
The SOL price chart above was taken using 3 indicators, namely RSI, Bolinger Bands, and MACD. The RSI indicator is used because RSI measures the strength and speed of price changes by comparing price increases relative to price decreases over a certain period of time.
MACD can help traders identify price trends and momentum of an asset. Meanwhile, Bolinger Bands measure price volatility and provide information about the relative price of an asset to its price history.
Also Read: Pantera Capital Will Buy Solana Coins (SOL) Worth IDR 3.9 Trillion, Will SOL Prices Increase?
SOL Price Breaks $150 – Will It Speed to $180 Soon?
Apart from the positive sentiment from increasing inflow, the price of Solana (SOL) itself is also showing promising movements.
After previously forming support (lower limit of price movement) above $130, SOL has recently experienced a significant increase. The price managed to surpass the resistance levels (upper limit of price movement) at $135 and $145.
The increase reached almost 10% and brought the price of SOL past the $150 mark, following in the footsteps of Bitcoin and Ethereum. The bullish (upward) movement is supported by price closing above the 76.4% Fibonacci retracement level of the previous price decline between $152.86 (swing high) to $137.25 (swing low).
Currently, SOL is trading above $150 and the 100-period (4-hour) simple moving average (SMA). Additionally, the 4-hour chart of the SOL/USD pair shows the formation of a bullish trend line connecting the support point at $140.
The nearest resistance is around $156.50. The next major resistance is near $162.50 or the 1.618 Fibonacci extension level of the price drop between $152.86 (swing high) to $137.25 (swing low). A price close above $162.50 could pave the way for a more significant price increase. The next resistance to watch is $175. If the rise continues, the price could potentially head towards $180.
Potential for Solana to Experience a Decline
If it fails to penetrate the $162.50 resistance, the SOL price has the potential to experience a correction (decline). The nearest support is around $150.
The next major support is at $142.00. A price drop below that level could see SOL test $138.00 and the trend line. If the price closes below $138.00, then a further decline towards $128.00 or the 100-period (4-hour) SMA could occur in the near future.
Also Read How to Buy Crypto:
Conclusion: Solana Has Bright Prospects
Based on the analysis above, it can be seen that Solana (SOL) is moving towards positive momentum. The significant inflow of funds is an indicator of increasing investor confidence.
In addition, strengthening SOL prices with promising technical indicators, increases optimism that the price can break the $162.50 resistance and continue to $180.
However, it should be noted that the opportunity for a price correction remains if it fails to break through this resistance. Investors need to pay attention to price movements and technical indicators to make the right investment decisions.
Overall, Solana's future looks bright. With blockchain technology innovation continuing to develop, projects built on the Solana platform have the potential to attract the interest of a wider range of users. This increased adoption could ultimately drive SOL price growth in the long term.
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime .
Monitor price chart movements for Solana (SOL) , Bitcoin (BTC), Ethereum (ETH) , and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
What is a Solana Virtual Machine (SVM)? Understanding the Core Technology Behind Solana
What is Marinade Staked SOL (MSOL)? Solana Maximizing Solutions
GameFi Sector Jumps 200% in a Week, GALA, YGG and PIXEL Lead!
DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.