Solana’s Strong Upward Trend Resumes Amid Record-High Stablecoin Offer and Growing Institutional Interest
Solana resumed its strong upward trend on Sunday, October 5, when the crypto market jumped, its stablecoin offer achieved a record high, and defined Sol-ETF inflows. The Solana token has risen to $236, its highest price since September 21, and a 150% increase compared to this year’s annual low, driven by strong fundamentals and bullish technical signals.
The growth of stablecoins in the Solana network has been a significant catalyst for the SOL price surge. According to Defi Lama, the overall stablecoin supply in the ecosystem has increased to a record high of $15 billion, up from $5.4 billion a year ago. USD Coin (USDC) leads the pack with a market capitalization of over $10.76 billion, followed by Tether’s USDT with over $2.45 billion, and PayPal USD with a market capitalization of $614 million.
Technical Analysis of Solana Price
The daily timeframe chart shows that the SOL price has recovered in the past few days, bouncing back from a low of $190 to reach its current level. The price has broken above the 50-day and 100-day exponential moving averages and is approaching the top of the rising channel at $253. A move above this level could indicate further gains, possibly reaching a record high of $295.
SOL-Price chart | Source: crypto.news
Institutional Interest and Future Prospects
The Rex Fosprey Sol + Stakel ETF (SSK), introduced in July, has accumulated over $404 million in assets under management, indicating growing institutional interest in Solana. This growth is a sign that American institutional investors are optimistic about Solana and other top cryptocurrencies. As the Securities and Exchange Commission (SEC) considers approving more Solana ETFs, investors are likely to buy into these funds, further driving up the SOL price.
The upcoming Alpen Glow upgrade, which aims to improve network performance, is also expected to boost the SOL price. With its strong fundamentals, bullish technical signals, and growing institutional interest, Solana is poised for further growth, potentially reaching a record high this year.
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