Solana Price Sees Significant Increase as Staking Solana ETF Inflows Continue to Rise
The price of Solana (SOL) has experienced a notable surge, approaching the critical $200 resistance level, as inflows into the staking Solana ETF continue to increase, demonstrating a strong interest from institutional investors in altcoin ETFs.
The Solana price has recovered from its lows this month, with the token rising to $195 on October 25, representing a 12% increase from its low this month. The market capitalization of Solana has surpassed $105 billion, indicating a significant level of investor interest in the cryptocurrency.
Summary of Key Points
A summary of the key points related to the Solana price increase and the staking Solana ETF inflows is as follows:
- Solana price has recovered from its lows this month, with a 12% increase from its low this month.
- The Solana ETF continues to see strong inflows, with assets under management increasing to over $400 million.
- The growth in inflows is a sign that American institutional investors are interested in altcoin ETFs, viewing them as viable liquid alternative assets.
Data compiled by ETF.com shows that the REX-Osprey Staking Solana ETF has seen significant inflows since its launch in August this year. The SSK ETF saw net inflows of $24 million this week, up from $14.5 million the previous week, increasing its assets under management to over $400 million. This makes it one of the largest altcoin ETFs on Wall Street, demonstrating the growing interest in Solana and other alternative cryptocurrencies.
The continued inflows into the staking Solana ETF, especially during a crypto bear market, are a positive sign for the future of mainstream Solana ETFs from companies like VanEck, 21Shares, Grayscale, Fidelity, and JPMorgan. Analysts at JPMorgan expect these funds to attract inflows of over $6 billion in the first year, further solidifying the position of Solana in the cryptocurrency market.
Technical Analysis of SOL Price
The daily chart shows that the Solana price bottomed at $94.70 in April and then rallied to a high of $252 on September 8, only to plunge to $178 as US-China trade tensions escalated. The price remains above the ascending trend line connecting the April, June, and October lows. Additionally, a small triple bottom pattern has formed, which often leads to a bullish breakout.
SOL price chart | Source: crypto.news
Therefore, the most likely Solana price prediction is bullish, with the next target being key resistance at $205, the high in July this year. A rise above this level would signal further gains, possibly to the September high of $253. A dip below the ascending trend line invalidates the optimistic assessment, highlighting the importance of monitoring the price movement closely.
Solana’s network also performs well in other areas. For example, over the past 30 days, stablecoin supply has increased by 14% to $15.6 billion, while adjusted transaction volume has increased by 55% to $48 billion. Solana is also the second-largest player in the decentralized exchange industry, with its top protocols transacting over $140 billion in volume in the last 30 days. Ethereum protocols processed $148 billion during the same period, demonstrating the strong competition in the decentralized exchange market.
For more information on the Solana price and the staking Solana ETF inflows, please visit https://crypto.news/sol-price-eyes-comeback-staking-solana-etf-inflows-up/
