U.Today - In a surprising turn of events, , often touted as the "Ethereum Killer," experienced an extraordinary week in the volatile crypto market, marked by a staggering 38% surge in its price.
This remarkable rally propelled SOL's value to $31.38 per token, a level unseen since mid-July, when it briefly touched $33. The surge made Solana one of the most-talked-about assets in the digital currency sphere last week.
SOL to USD by What truly set this rally apart was the unprecedented influx of investments into SOL-oriented products. According to the latest weekly report by , flows into Solana-related ETPs skyrocketed by an astounding 420% within a week, totaling an impressive $15.5 million.
Source: This marked a stark contrast to other cryptocurrencies, especially , which experienced outflows totaling $7.4 million due to security concerns surrounding its network.
Cautious optimism
Looking at the broader crypto landscape, digital asset investment products enjoyed their fourth consecutive week of inflows, amassing a grand total of $66 million. This four-week run of inflows adds up to an impressive $179 million.However, according to CoinShares analyst James Butterfill, the recent inflows, while promising, pale in comparison to the initial frenzy following BlackRock (NYSE:BLK)'s announcement in June. This suggests that investors are approaching the crypto market with a degree of caution, despite recent positive developments.
As of now, Investors are closely watching Solana, curious to see if it will maintain its momentum and potentially serve as a testament to the growing interest in innovative blockchain technologies beyond established players like and Ethereum.