Solana Outshines Bitcoin And Ethereum ETFs Amid $120 Billion Sell-Off
TLDR
- Solana ETFs saw $3.08 million in inflows during a major market downturn.
- Bitcoin ETFs experienced $483 million in outflows, while Solana gained capital.
- Solana’s network growth remains steady, with 8.6 million new addresses.
- Solana’s price holds key support, showing resilience amid broader market sell-off.
The cryptocurrency market has faced a challenging period, with a significant sell-off wiping out over $120 billion in market capitalization. Amidst this downturn, Solana (SOL) has managed to stand out. Solana spot ETFs saw surprising net inflows of $3.08 million, even as larger cryptocurrencies, such as Bitcoin and Ethereum, experienced substantial outflows. This shows that Solana is continuing to attract investor interest despite the challenging market conditions.
Solana ETFs Defy Market Trends
While the broader cryptocurrency market struggled with investor sentiment shifting to risk-off, Solana ETFs defied expectations. In contrast to Bitcoin ETFs, which experienced $483 million in net outflows, Solana recorded positive inflows.
The crypto market’s overall market capitalization took a hit, but Solana’s performance indicated strong investor belief in its potential. The net inflows into Solana ETFs demonstrate continued investor interest and conviction in the asset, which outperformed its major counterparts.
This trend is noteworthy because it highlights Solana’s unique ability to maintain positive sentiment during adverse market conditions. Despite the market’s downturn, Solana ETFs stood out, with $3.08 million in net inflows. Bitcoin, on the other hand, experienced heavy losses with $483 million in outflows, while Ethereum saw a similar trend.
Solana’s On-Chain Activity Remains Robust
Despite negative sentiment across the broader crypto market, Solana’s on-chain activity has remained relatively steady. The network has seen consistent growth in new addresses, with more than 8.6 million new addresses being added in a short span of two days. Even in a time of market uncertainty, this steady increase in new users shows that the demand for Solana has not waned.
The new address growth suggests that interest in Solana is not driven by short-term speculation but by a consistent demand for its network. The growth in addresses also indicates a continued commitment by users and investors to the Solana ecosystem. Unlike other assets, Solana has maintained a solid level of activity, which may help it weather the storm if the market environment improves.
Solana’s Price Holds Support at $125
Solana’s price action has faced some pressure due to the broader market decline. However, the asset has shown resilience by holding the critical $125 support zone. Currently trading around $127, Solana’s price has been able to prevent further drops by defending this key level. As the market continues to recover, this support level could provide a solid foundation for further price appreciation.
Even though Solana has faced a 12.8% decline on the week, the relative strength of the asset still appears to favor it over other large-cap cryptocurrencies. The steady network growth and continued ETF inflows suggest that Solana may bounce back more quickly than its counterparts, such as Bitcoin and Ethereum. If SOL reclaims $132 as support, it could potentially test higher levels, like $136, which would signify a partial recovery of recent losses.
The post Solana Outshines Bitcoin And Ethereum ETFs Amid $120 Billion Sell-Off appeared first on CoinCentral.
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