Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Solana’s Capital Inflows Soar – Could SOL Be the Next $500 Coin?

Solana’s Capital Inflows Soar – Could SOL Be the Next $500 Coin?

CryptoNewsCryptoNews2024/12/27 17:22
By:Alejandro Arrieche

Investors poured nearly $800M on $SOL since September 2023. Can this token rise to $500?

Last updated:
December 27, 2024 09:35 EST

The price of Solana has dropped by 5.3% today. Still, investors continue to believe in the potential of this layer-one blockchain, as indicated by a significant amount of capital that has been poured into the token since September 2023.

According to on-chain activity traced by Glassnode , net inflows during this period of approximately 15 months amounted to $776 million.

We observe that #Solana has consistently maintained a positive net capital inflow since early September 2023, with only minor outflows during this period.

This sustained influx of liquidity has assisted in stimulating growth and price appreciation, achieving a remarkable peak… pic.twitter.com/ypuwTdhrmc

— glassnode (@glassnode) December 24, 2024

A significant portion of these funds could come from meme coins, as this segment of the crypto market has been growing rapidly. Most developers have relied on the Solana blockchain to mint these tokens.

So far this year, the network’s native token—$ SOL—has delivered gains of 72.7%, surpassing its competitor in the smart contracts space, Ethereum, which saw gains of only 45.5% during this period.

Meanwhile, the token has underperformed Bitcoin ($BTC) during this period. This suggests to analysts that $SOL could experience further upside later in this bull cycle when the alt-coin season starts.

The popularity of meme coins has been one of the sector’s most important catalysts, as Ethereum lagged behind Solana in terms of transaction costs and execution speed.

Scalability issues have plagued the network created by Vitalik Buterin for years, and Solana stepped up to fill the gap at a crucial time when these ‘internet jokes’ started to gain traction among investors.

In line with what is seen on-chain, the latest report from CoinShares indicates that exchange-traded products (ETPs) and funds that invest in Solana have poured $80 million on this digital asset so far this year.

Solana’s Bull Flag is Still in Play After Bull Trap

Since late November, a bullish pattern has been unfolding that could propel the price of Solana ($SOL) to new heights.

This technical setup is called a bull flag and consists of an initial uptrend, followed by a brief pullback that ends up with a spike above the uptrend’s former peak.

Solana’s Capital Inflows Soar – Could SOL Be the Next $500 Coin? image 1

On 21 December, the price action broke below the lower end of the flag but rapidly recovered and moved back to its body.

In technical terms, this kind of move is commonly known as a bull trap.

When this happens, traders push the price downwards until they flush out many long positions by triggering their stop-loss orders. That bull trap appears to have worked as $SOL recorded three consecutive days of price upticks.

Even though that streak ended today, the price is now back in the flag’s body, which means the pattern is still in play. If subsequent bullish moves push the price above the flag’s upper bound – located at around $200 – chances are that the setup will unfold as expected, with a significant spike in Solana’s price in the near term.

The Relative Strength Index (RSI) has moved close to the oversold area, which means that this pullback could soon exhaust its ammunition.

Overall, the outlook for the Solana blockchain and $SOL token is bullish. Investors’ interest in the ecosystem and its native token continues to be strong, as indicated by the significant inflows that have come their way since this year started.

If the pattern is confirmed, the first target for Solana based on the flag’s pole size would be $300 per coin.

This L2 Network is Raising Millions from Investors to Solve Solana’s Congestion Issues

A project called Solaxy is attracting investors’ attention lately as it solves a major issue that could prevent the Solana network from further beating Ethereum at its own game.

Solana’s Capital Inflows Soar – Could SOL Be the Next $500 Coin? image 2 https://twitter.com/SOLAXYTOKEN/status/1871592567126806681

In just a few days, the presale of its native token, $SOLX, has raised $5.8 million as Solaxy’s value proposition has attracted thousands of early buyers.

Solaxy bundles transactions offline and sends them to the Solana network as a single transaction to alleviate the network’s congestion.

Coinsult has audited the protocol’s code to ensure that it has no major flaws.

Currently, $SOLX is being offered at a discounted price of $0.00158. This offer expires in less than 18 hours. Once that period ends, the price will increase until the project raises its funding target.

To buy $SOLX, visit the Solaxy website and connect your preferred crypto wallet. You can convert $USDT, $ETH, or $BNB to $SOLX or buy it with a bank card.

Don’t miss the chance to own this promising token at this attractive price.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!