What Drives Solana (SOL) Price Increase Today? 👌
👍 Solana (SOL) has seen a price recovery after the network experienced a five-hour outage on February 6 that left investors worried that a massive sell-off was in store. Nonetheless, SOL traders do not seem to be significantly affected, and the price has recovered with a gain of 1.04% in the last 24 hours.
Is SOL's strength occurring in line with overall crypto market trends, or are there other factors driving the altcoin's price higher?
The global crypto market capitalization currently stands at $1.65 trillion. Most of the top-capitalization cryptocurrencies saw gains on Feb. 7, with the total crypto market cap rising by 0.45% to $1.6 trillion, according to data from CoinMarketCap.
Solana investment products also recorded weekly inflows of $13.4 million, highlighting a surge in interest from institutional investors in investment products based on SOL. Investments in these assets have even surpassed investments in similar layer 1 tokens, such as Ethereum and Avalanche (AVAX).
In the last week, inflows on SOL investment products totaled $13.4 million, while Ethereum and Avalanche saw outflows of $6.4 million and $1.3 million, respectively.
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