There has been a notable increase in capital movement in the space of goods that are centred around cryptocurrencies in the last few days. The weekly inflows have surpassed $100 million, which is remarkable and indicates a growing optimistic feeling in the market.
The 21Shares Solana Staking ETP (ASOL), which has secured the second position in terms of net monthly flows, is a notable performer in this capital inflow. Such a tremendous increase reminds me of the enormous rise SOL had in the second half of 2021.
Upon examining the Solana daily price chart, several significant patterns and trends become apparent. The latest bars’ steep rising slope indicates that Solana has been building pace. This strong rise, which is accompanied by a significant rise in trading volume, highlights the increased interest of investors.
Additionally, a positive trend is suggested by the moving averages’ convergence and the most recent bullish crossing. This is consistent with the mood of late 2021 and might indicate additional upside for Solana. Since the price is currently trading close to $32, it is important to remember that, similar to last year, any meaningful break over the resistance levels in place might lead SOL to much higher highs.
Technical indications are helpful, but because the cryptocurrency market is notoriously volatile, it is crucial to proceed with care and due investigation. Nevertheless, the indicators do seem to suggest that the rise may continue, which may be a hint of Solana’s innate qualities and potential.
Going beyond simple price guesswork, Solana has established itself as a serious player in the blockchain market. It is well-known for its rapid throughput and inexpensive transaction prices, and it offers decentralised apps and cryptocurrency projects an effective platform.
