{"id":636565,"date":"2024-08-20T08:00:09","date_gmt":"2024-08-20T08:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=636565"},"modified":"2024-08-19T17:33:58","modified_gmt":"2024-08-19T17:33:58","slug":"solana-sol-continues-sideways-move-as-outflows-record-39-million","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana-sol-continues-sideways-move-as-outflows-record-39-million\/","title":{"rendered":"Solana (SOL) Continues Sideways Move As Outflows Record $39 Million"},"content":{"rendered":"

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.<\/p>\n

The token continued its sideways trajectory despite the negative net flows and memecoin\u2019s trading activity decline over the week. As a result, SOL’s recent performance was praised by some crypto analysts who deem the cryptocurrency a safe bet.<\/p>\n

Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum?<\/a><\/div>\n

Solana ETPs See Record Outflows<\/h2>\n

CoinShares\u2019 recent report<\/a> revealed that last week\u2019s Exchange-Traded Products (ETPs) net flows registered a positive but \u201clow\u201d $30 million. The data showed that crypto-based investment products saw minor inflows in the past 7 days, with mixed flows among the providers.<\/p>\n

Per the report, the established ETP issuers continued to lose market share to providers of the newer investment products. The crypto funds\u2019 weekly trading volume also fell to $7.6 billion, dropping nearly 50% from the $19 billion registered the week prior.<\/p>\n

Throughout the week, Bitcoin (BTC) saw the largest inflows<\/a> 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.<\/p>\n

Ethereum-based products only registered 10% of the flagship cryptocurrency\u2019s inflows, recording $4.2 million since August 12. The positive $104 million net flows from new providers were overshadowed by Grayscale Ethereum Trust (ETHE)\u2019s $118 million in outflows<\/a>.<\/p>\n

Nonetheless, Solana investment products had the largest outflow by cryptocurrency after Solana ETPs saw $39 million in negative week flows. 21Shares Solana ETP\u2019s -$37 million ranked third as the largest outflow by investment product last week, only behind ETHE and GBTC.<\/p>\n

\"Solana\"
Flows by crypto asset in the last week. Source: CoinShares<\/figcaption><\/figure>\n

SOL Continue Sideways Trajectory<\/h2>\n

CoinShare\u2019s report highlighted that Solana ETPs\u2019 negative performance occurred alongside the \u201csharp decline in trading volume of memecoins, on which it heavily relies.\u201d<\/p>\n

Data from CoinGecko revealed<\/a> 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.<\/p>\n

Despite this, the Solana ecosystem has moved sideways over the weekend, hovering between the $243 billion to $245 billion market cap since August 15. SOL\u2019s price<\/a> also moved between $140 and $155 over the weekend, a range it has maintained since August 12.<\/p>\n

Crypto analyst Altcoin Sherpa suggested<\/a> that the token will see \u201cmore chop and consolidation\u201d in the coming weeks. However, he asserted that the $125-$150 price range is a \u201cgreat place to accumulate SOL.\u201d The analyst also considers the token \u201cis still 1 you can comfortably hold for a while.\u201d<\/p>\n

Related Reading: Bitcoin Price Trims Gains: Is The Recovery Losing Steam?<\/a><\/div>\n

Similarly, Crypto Jelle noted<\/a> SOL\u2019s recent performance, stating that it is \u201cstill in the same sideways range, while the rest of the market made lower lows.\u201d To the analyst, SOL will take off hard \u201cas soon as Bitcoin finds a bid,\u201d and a new all-time high (ATH) is \u201cvery much on the menu.\u201d<\/p>\n

As of this writing, SOL is trading at $144, a 1.4% drop in the last 24 hours.<\/p>\n

\"Solana,
Solana’s performance in the biweekly chart. Source: SOLUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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 memecoin\u2019s trading activity decline over the week. As a result, SOL’s recent performance was praised by some crypto analysts who deem the cryptocurrency a safe bet. Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum? Solana ETPs See Record Outflows CoinShares\u2019 recent report revealed that last week\u2019s Exchange-Traded Products (ETPs) net flows registered a positive but \u201clow\u201d $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 funds\u2019 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 cryptocurrency\u2019s inflows, recording $4.2 million since August 12. The positive $104 million net flows from new providers were overshadowed by Grayscale Ethereum Trust (ETHE)\u2019s $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 ETP\u2019s -$37 million ranked third as the largest outflow by investment product last week, only behind ETHE and GBTC. SOL Continue Sideways Trajectory CoinShare\u2019s report highlighted that Solana ETPs\u2019 negative performance occurred alongside the \u201csharp decline in trading volume of memecoins, on which it heavily relies.\u201d 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. SOL\u2019s 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 \u201cmore chop and consolidation\u201d in the coming weeks. However, he asserted that the $125-$150 price range is a \u201cgreat place to accumulate SOL.\u201d The analyst also considers the token \u201cis still 1 you can comfortably hold for a while.\u201d Related Reading: Bitcoin Price Trims Gains: Is The Recovery Losing Steam? Similarly, Crypto Jelle noted SOL\u2019s recent performance, stating that it is \u201cstill in the same sideways range, while the rest of the market made lower lows.\u201d To the analyst, SOL will take off hard \u201cas soon as Bitcoin finds a bid,\u201d and a new all-time high (ATH) is \u201cvery much on the menu.\u201d As of this writing, SOL is trading at $144, a 1.4% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":636567,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,26263,91186,10923,85288,89756,8323,79512,4854,1946,7558,12837,83626,92925,83627],"class_list":["post-636565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto-analyst","tag-crypto-etfs","tag-crypto-market","tag-crypto-market-crash","tag-crypto-trader","tag-eth","tag-ethe","tag-ether","tag-ethereum","tag-gbtc","tag-sol","tag-solana","tag-solana-etp","tag-solusdt"],"acf":[],"yoast_head":"\nSolana (SOL) Continues Sideways Move As Outflows Record $39M<\/title>\n<meta name=\"description\" content=\"SOL\u2019s price maintained its level after Solana-based 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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