Solana ETF yet to launch, but SOL still outperforms market – Here’s how!

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  • Solana’s ETP inflows surged 7,600% despite a broader market downturn.
  • Solana outperformed Bitcoin and Ethereum in year-to-date performance, showing significant resilience.

In analyzing the first person’s investment performance, Solana emerged as the top performer among digital assets, surpassing all others except Bitcoin and Ethereum.

To paraphrase naturally and easily read languages, consider focusing on coins that have demonstrated notable resilience despite the broader crypto market experiencing a downturn in September.

While many assets struggled, certain cryptocurrencies stood out by maintaining stability or even gaining traction during this challenging period. 

Solana outperforms

According to the most recent CoinShares report, Solana [SOL] has taken the lead as the standout performer within the crypto investment sphere.

That’s pretty close

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Solana vs. others

The report highlights a stark contrast in weekly flows among the top three cryptocurrencies.

In a notable movement, Bitcoin (BTC) saw an outflow of approximately $319 million, Ethereum (ETH) followed suit with an outflow of around $5.7 million, and Solana (SOL) bucked the trend by attracting inflows worth about $7.6 million.

When looking at year-to-date performance, Solana has emerged as the top performer among digital assets, surpassing all others except BTC and ETH.

In simple terms, this statement implies that SOL has established itself as a strong competitor within the cryptocurrency sector. Its ability to withstand challenges and its increasing attractiveness to investors demonstrates its robustness and rising popularity.

This is particularly noteworthy given that Solana ETF has yet to launch.

Other ETFs performance analyzed

Since their debut, Bitcoin Exchange-Traded Funds (ETFs) have noticeably accelerated the rate at which Bitcoin is adopted, playing a key role in pushing its price over $70,000 in March.

However, Bitcoin is currently experiencing a wave of outflows.

In simpler terms, ETFs based on Ethereum (ETH) have encountered difficulties since their launch, finding it tough to push the price of ETH beyond $4,00.

Although these developments seem discouraging, more recent changes indicate a possible resurgence, implying potential positive shifts ahead.

Impact on Solana

On the price front, SOL saw a 2.02% increase in the past 24 hours, trading at $134.68.

Although there’s a surge, technical factors like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest that investors continue to maintain a pessimistic outlook.

For Solana to shift to a bullish trend, it will need to break through the resistance level at $150.

Remarking on the same, TheoTrader said, 

1. “: Herea:standa:parra:stata:sta:stata:s:osto:stos:

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2024-09-04 07:05