Despite the general downturn in the cryptocurrency market during September, some digital assets have shown remarkable resilience.
While many cryptos faced challenges, certain tokens stood out by maintaining stability or even gaining momentum amid the turbulent period.
Solana’s Impressive Performance
According to the most recent CoinShares report, Solana [SOL] has emerged as the top performer in the crypto investment sphere.
SOL’s Exchange-Traded Products (ETPs) experienced a remarkable 7,600% increase in inflows within a week, surging from $100,000 to $7.6 million.
This significant surge has brought Solana’s total year-to-date inflows to $39 million, marking a substantial recovery following the $26.7 million outflows observed in August.
Solana Compared to Other Cryptocurrencies
The report highlights a considerable contrast in weekly flows among the top three cryptos.
While Bitcoin [BTC] faced substantial outflows of $319 million, Ethereum [ETH] saw $5.7 million flow out, with SOL standing out by recording impressive inflows of $7.6 million.
When examining the year-to-date performance, Solana has emerged as the standout performer among digital assets, surpassing all others except BTC and ETH.
This places SOL as a prominent player in the crypto market, underscoring its resilience and increasing attractiveness to investors.
This is especially notable considering that the Solana ETF launch has been postponed.
Analysis of Other ETFs Performance
Bitcoin ETFs have significantly bolstered adoption since their inception, contributing to BTC’s surge above $70,000 in March.
Currently, however, Bitcoin is witnessing a wave of outflows.
On the other hand, Ethereum ETFs have encountered challenges since their launch, struggling to push ETH above $4,000.
Despite this, recent updates indicate signs of renewed inflows, hinting at potential improvements in the future.
Impact on Solana’s Performance
In terms of price movement, SOL has seen a 2.02% increase in the last 24 hours, trading at $134.68.
Despite this uptick, technical indicators such as the RSI and MACD indicate prevailing bearish sentiment.
For Solana to transition to a bullish trend, it will need to surpass the resistance level at $150.
Commenting on this, TheoTrader remarked,
“I don’t care what your beliefs are, Solana will hit $400 next year, and there’s nothing you can do about it.”