In the midst of fluctuating fortunes in the digital asset market, one altcoin has consistently captured the interest of investors on Solana (SOL). Recent data from CoinShares, a European digital asset manager, reveals a stark contrast between investors’ choices.
While the overall crypto investment market has witnessed a seven-week trend of outflows, Coinshares reveals that Solana has emerged as a standout performer, attracting inflows for nine consecutive weeks.
During the past week alone, investors injected $700,000 into SOL through crypto investment providers. This places Solana (SOL) in the spotlight as, according to CoinShares, the token is “the most loved altcoin amongst investors at present.” The year-to-date inflows focusing on SOL currently stand at an impressive $26 million.
Despite the minor outflows witnessed in the broader crypto market, CoinShares points out that trading volumes have experienced a surge. In the week ending September 1st, trading volumes for crypto investment products were a substantial 90% higher than the year-to-date average, with outflows decreasing to $11.2 million.
Meanwhile, while this seven-week period of negative sentiment has seen $342 million exiting crypto products, year-to-date figures reveal a positive net inflow of $165 million.
Solana (SOL) Remains Resilient in a Volatile Market
What sets Solana apart is its resilience in the face of outflows affecting other crypto assets. It has consistently recorded weekly inflows, totaling $700,000 for the ninth consecutive week and accumulating a total of $14.1 million during this period.
This impressive performance aligns with several positive developments within the network. For instance, on September 1st, Rune Christensen, co-founder of MakerDAO, proposed building the project’s upcoming native chain based on a fork of Solana’s codebase, despite its longstanding ties to Ethereum.
Additionally, on August 23rd, it was reported that Shopify had integrated Solana Pay, a payment network based on Solana (SOL), into its payment options, starting with the stablecoin USD Coin (USDC). Furthermore, the Solana network has witnessed improvements in performance and reliability, with only one outage reported in 2023 so far.
SOL’s Price Performance
While SOL’s price has surged by approximately 95.5% year-to-date, it has primarily traded within a range of $20 to $25 since mid-January. As of the time of writing this line, data from Coinmarketcap shows that it was trading at $19.28, a drop of 2.67% over the last 24 hours. It’s worth noting that SOL has experienced a decline of 92.58% from its $260 all-time high recorded in November 2021.
