Altcoins
Solana on the rise: SOL leads altcoin fund participation with US$5.9 million inflow
Cryptocurrency Solana (SOL), which was called an altcoin favored by investors last year and has shone in its development in 2023, has stood out in the cryptocurrency industry with the growing search for investors and the increase substantial increase in institutional demand, highlighting the meteoric rise in recent months.
According to the last report From asset management company CoinShares, crypto investment products saw inflows worth $130 million last week. However, Solana (SOL) was the leader in institutional altcoin investment, with inflows of $5.9 million.
As noted by CoinShares analysts, this is the first weekly influx of crypto funds recorded in the last five weeks. The largest cryptocurrency in the market, Bitcoin, recorded a total inflow of $144 million, showing a significant recovery.
It is worth remembering that last month the Solana cryptocurrency gained new prominence in the cryptocurrency sector with the substantial increase in institutional demand. As revealed in a recent survey published by CoinShares, the Solana (SOL) cryptocurrency has seen a “dramatic increase in allocations” from institutional investors. James Butterfill, head of research at CoinShares, pointed out that investors have been increasing their exposure to altcoins, with Solana attracting a lot of attention from traders.
Analyst predicts parabolic rally for Solana in 2024
A cryptocurrency expert has shared a very optimistic forecast for Solana (SOL), emphasizing that the altcoin has great potential to enter a major price recovery after a market correction. Solana has attracted the attention of traders and various investors in recent months amid recovery and high development.
In a recently shared analysis, pseudonymous Altcoin analyst Sherpa highlighted that the Solana (SOL) cryptocurrency could retest the $120 price zone before seeing a decline. parabolic rise which will bring it to more than US$500 in 2024.
At the time of publication, the solana price it was listed at US$146.92 with an increase of 1.2% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$2,226,991,494.
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