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.
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.
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 “Ethereum killer,” 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.