Solana (SOL) jumps above $30 as Investment Products Record $15 Million Inflows

Solana Sees a $30 Jump in SOL Price as Investment Products Record $15 Million Inflows
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In the world of cryptocurrencies, Solana (SOL) has been making waves recently. The Ethereum competitor saw its price surge past $30 last weekend. This price increase is attributed to Solana investment products recording an inflow of $15 million.

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In the past week, Solana’s value has experienced an impressive increase of 32%. Concurrently, Solana’s investment products have seen an influx of $15.5 million. This influx has brought the total investment in Solana products for the year 2023 to $74 million, accounting for 47% of the total Assets under Management (AuM), according to CoinShares data.

Uptober Has Been Good to Solana

Solana’s recent performance suggests it could be a top contender in 2023. Over the last 10 months, its value has tripled from $10 to $30, demonstrating substantial growth. In the past week alone, it has experienced a strong 41% surge, with a 60% rally over the past month and a 41% increase over the last six months.

Solana Sees a $30 Jump in SOL Price as Investment Products Record $15 Million Inflows

Previously, Solana had been unable to surpass the $25 resistance level for almost a year. However, it has now managed to break through this barrier. To maintain its upward trajectory, Solana must secure a daily candlestick close above the next significant resistance level, around $35.

This advancement could potentially set the stage for a rise to $40, a 29% increase. Overcoming this level is crucial for setting a course toward $50 and eventually doubling that to hit $100. Often referred to as the ā€œEthereum killer,ā€ Solana has stayed above all significant moving averages (MAs), providing strong support against potential declines.

It’s important to highlight that these MAs have given a purchase indication for Solana on the daily chart, particularly in the form of a golden cross that took place on October 20. This golden cross, where the 50-day Exponential Moving Average (EMA) surpassed the 200-day EMA, signifies the strength of the current upward trend.

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