Solana Leads Altcoin Pack with $13 Million Inflow: SOL Takes the Top Spot

• Solana Tops the List in Recent Fund Inflows, Says CoinShares
• Industry Inflows and Bitcoin's Position
• Solana's Performance and Future Prospects
• Upcoming Bull Run: Solana's Possible High?

Solana Tops the List in Recent Fund Inflows, Says CoinShares

The latest fund flow report from CoinShares highlights the significant inflow of funds into Solana$104 5.03% (SOL) last week, which totalled $13.6 million, outpacing Ethereum$2,315 -2.42%'s (ETH) $3.3 million. Notably, XRP$0.620 -1.68% and Cardano (ADA) also witnessed minor inflows of $0.5 million and $0.8 million, respectively.

Industry Inflows and Bitcoin's Position

As per CoinShares report, the digital asset industry experienced a total inflow of $176 million last week. Leading the lot was Bitcoin$42,260 -0.64% (BTC) with an inflow of $154.7 million. However, the week did see an outflow of $8.5 million from Short Bitcoin (BTC) assets. This shift of funds away from short BTC products might suggest that investors are becoming bullish on BTC. This optimism could be due to the upcoming SEC (Securities and Exchange Commission) approval of a spot BTC ETF (Exchange Traded Fund) and the next halving cycle of BTC, both expected to take place early next year.

Solana's Performance and Future Prospects

CoinShares' report indicated that the industry has seen inflows for eight consecutive weeks. This flow coincides with the rise in asset prices. While BTC has remained stable above $37k, Solana (SOL) has seen a 4.5% increase in the weekly charts, despite a 6.3% correction in the daily charts.

Although Solana has experienced a year-to-date increase of more than 400%, there are expectations of a potential correction. As per PricePredictions, SOL may continue to trade between $56 and $57. CoinCodex, however, forecasts that Solana (SOL) could reach $63 by mid-December 2023.

Upcoming Bull Run: Solana's Possible High?

Solana might be poised for a new all-time high during the next bull run, thanks to its remarkable resilience. Despite being one of the most negatively affected projects following the FTX$3.28 -5.38% collapse, SOL remains a hot crypto asset in the current market.

Edited by Jonathan Stoker