Solana’s SOL token bumped against a resistance level last week after recent ETF inflows showed positive investment trends.
SOLUSD – Daily Chart
SOLUSD was one of the stronger coins in the top ten cryptos after recent selling. The price needs to get above $205.78 to continue to higher levels. If it does move higher, there is not a lot of resistance ahead of the highs near $280.
The Solana Staking ETF (SSK), managed by the third-party REXShares, has just recorded its strongest performance. Over a 24-hour period, the fund attracted $13 million in net inflows, while its daily trading volume spiked to $66 million, which is the highest since inception.
The latest surge highlights a growing appetite for Solana exposure through regulated investment products. Investors have been diversifying their exposure from Bitcoin into altcoins like Solana over concerns that Bitcoin may be overvalued in comparison.
The token is still down from its January highs when Donald Trump entered the White House and launched his TRUMP token on the Solana network. Other moves were made to open the door to U.S. adoption of cryptocurrencies.
Alongside the ETF demand, Solana has also been showing strength in whale investor interest. On-chain analytics showed that the Exchange Whale Ratio, which measures large-holder activity, has been growing. That is another sign that major investors are accumulating positions at the current level.
When ETF inflows and whale accumulation converge, it can often lead to sharp rallies. Currently, almost 20% of SSK’s total assets under management are linked to Solana inflows.
SOL was up around 7.5% over the last seven days, with Bitcoin flat over that period. That would highlight some interest in buying the dip with altcoins like Solana over BTC. Bitcoin took a hit after the recent inflation levels in the U.S. were seen rising at the producer price input level.
