Solana (SOL) has recovered 30% of its price since the Black Monday crash, hovering between the $155-$140 range. Recent reports revealed the Solana-based investment products were among the largest losers last week after registering over $30 million in outflows.
The token continued its sideways trajectory despite the negative net flows and memecoinâs trading activity decline over the week. As a result, SOLâs recent performance was praised by some crypto analysts who deem the cryptocurrency a safe bet.
Solana ETPs See Record Outflows
CoinSharesâ recent report revealed that last weekâs Exchange-Traded Products (ETPs) net flows registered a positive but âlowâ $30 million. The data showed that crypto-based investment products saw minor inflows in the past 7 days, with mixed flows among the providers.
Per the report, the established ETP issuers continued to lose market share to providers of the newer investment products. The crypto fundsâ weekly trading volume also fell to $7.6 billion, dropping nearly 50% from the $19 billion registered the week prior.
Throughout the week, Bitcoin (BTC) saw the largest inflows among the crypto assets, with a $42 million positive net flow. Short-Bitcoin ETFs registered $1 million in outflows on its second consecutive negative week.
Ethereum-based products only registered 10% of the flagship cryptocurrencyâs inflows, recording $4.2 million since August 12. The positive $104 million net flows from new providers were overshadowed by Grayscale Ethereum Trust (ETHE)âs $118 million in outflows.
Nonetheless, Solana investment products had the largest outflow by cryptocurrency after Solana ETPs saw $39 million in negative week flows. 21Shares Solana ETPâs -$37 million ranked third as the largest outflow by investment product last week, only behind ETHE and GBTC.
SOL Continue Sideways Trajectory
CoinShareâs report highlighted that Solana ETPsâ negative performance occurred alongside the âsharp decline in trading volume of memecoins, on which it heavily relies.â
Data from CoinGecko revealed that Solana-based memecoins saw a 3.7% decline in the last 24 hours, registering a $3.59 billion market cap. Its market activity also displayed a similar 3% decline since Sunday, falling to a daily trading volume of $1.1 billion.
Despite this, the Solana ecosystem has moved sideways over the weekend, hovering between the $243 billion to $245 billion market cap since August 15. SOLâs price also moved between $140 and $155 over the weekend, a range it has maintained since August 12.
Crypto analyst Altcoin Sherpa suggested that the token will see âmore chop and consolidationâ in the coming weeks. However, he asserted that the $125-$150 price range is a âgreat place to accumulate SOL.â The analyst also considers the token âis still 1 you can comfortably hold for a while.â
Similarly, Crypto Jelle noted SOLâs recent performance, stating that it is âstill in the same sideways range, while the rest of the market made lower lows.â To the analyst, SOL will take off hard âas soon as Bitcoin finds a bid,â and a new all-time high (ATH) is âvery much on the menu.â
As of this writing, SOL is trading at $144, a 1.4% drop in the last 24 hours.
Source: NewsBTC.com
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