Solana Overshadows Crypto Market, Bulls Press To Sustain 16% Weekly Jump
Digital assets sustained nominal gains to end the week, signaling prospects for a total recovery. Most assets consolidated on previous double-digit gains, breaking resistance levels as positive news bolstered trader confidence. The total digital asset market cap surged 2% to $2.67 trillion, with weekly gains exceeding 5.5%.
Solana Leads The Pack
Solana’s weekly gains outpaced other top crypto assets due to high institutional demand. Over the last week, bulls bought huge amounts of Solana, driving up the asset’s value. Solana changes hands at $134.90, marking a large 16% this week. Several factors, including a soaring institutional appetite, whale accumulations, spot ETF speculation, and higher volumes drove this.
For most bulls, the next price point for SOL is the $150 mark, which could trigger a further breakout after the market cap reaches $69.7 billion. While Solana maintained high weekly gains, other assets struggled as whales fell to macro tightening measures. Ethereum lost a chunk of its weekly gains after over 140,000 tokens were sold. As a result, ETH netted 2% weekly inflows, a poor performance compared to the projected 9%.
Previously, crypto prices tumbled amid growing trade tensions in the United States. The impact on Bitcoin price triggered a massive outflow in altcoins. Although BTC price retested the $80k zone, weekly inflows slowed as traders perceived heated markets. BTC trades at $84,499, recording a 1% increase in the last seven days.
Although BTC bulls netted gains in terms of long-term holder sentiment and the whale-to-exchange ratio, among others, retail investors retreated due to the lingering impact of the last dip. XRP saw 2.3% inflows over the past week, while meme coins also posted decent gains. Generally, altcoins recovered strongly despite mid-week offloads.
Institutional Investors Behind SOL Rebound
After the broader market recovery, institutional giants increased inflows, looking to get in favorable positions ahead of the next rally. Solana remains an institutional favorite, attracting more inflows ahead of expected spot SOL ETF approvals in the United States. The asset also notched inflows into institutional funds after weeks of low trading, signaling a turnaround from larger players.
Crypto enthusiast Johnny restated SOL bull sentiments in the event of a spot ETF approval. “I think one of the smartest plays during this sell-off is accumulating a Solana position in anticipation of the SOL ETF later this year.”
The prospects can be likened to the massive institutional demand after the approval of spot Bitcoin products last year.
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Solana Overshadows Crypto Market, Bulls Press To Sustain 16% Weekly Jump
Digital assets sustained nominal gains to end the week, signaling prospects for a total recovery. Most assets consolidated on previous double-digit gains, breaking resistance levels as positive news bolstered trader confidence. The total digital asset market cap surged 2% to $2.67 trillion, with weekly gains exceeding 5.5%.
Solana Leads The Pack
Solana’s weekly gains outpaced other top crypto assets due to high institutional demand. Over the last week, bulls bought huge amounts of Solana, driving up the asset’s value. Solana changes hands at $134.90, marking a large 16% this week. Several factors, including a soaring institutional appetite, whale accumulations, spot ETF speculation, and higher volumes drove this.
For most bulls, the next price point for SOL is the $150 mark, which could trigger a further breakout after the market cap reaches $69.7 billion. While Solana maintained high weekly gains, other assets struggled as whales fell to macro tightening measures. Ethereum lost a chunk of its weekly gains after over 140,000 tokens were sold. As a result, ETH netted 2% weekly inflows, a poor performance compared to the projected 9%.
Previously, crypto prices tumbled amid growing trade tensions in the United States. The impact on Bitcoin price triggered a massive outflow in altcoins. Although BTC price retested the $80k zone, weekly inflows slowed as traders perceived heated markets. BTC trades at $84,499, recording a 1% increase in the last seven days.
Although BTC bulls netted gains in terms of long-term holder sentiment and the whale-to-exchange ratio, among others, retail investors retreated due to the lingering impact of the last dip. XRP saw 2.3% inflows over the past week, while meme coins also posted decent gains. Generally, altcoins recovered strongly despite mid-week offloads.
Institutional Investors Behind SOL Rebound
After the broader market recovery, institutional giants increased inflows, looking to get in favorable positions ahead of the next rally. Solana remains an institutional favorite, attracting more inflows ahead of expected spot SOL ETF approvals in the United States. The asset also notched inflows into institutional funds after weeks of low trading, signaling a turnaround from larger players.
Crypto enthusiast Johnny restated SOL bull sentiments in the event of a spot ETF approval. “I think one of the smartest plays during this sell-off is accumulating a Solana position in anticipation of the SOL ETF later this year.”
The prospects can be likened to the massive institutional demand after the approval of spot Bitcoin products last year.
Read More