Solana shows early signs of resilience, even though spot Bitcoin ETFs and Ethereum continue to lose money. SoSoValue’s data for January 21, (ET), showed that Bitcoin ETFs had a net outflow of $709,000,000. This was the third consecutive day of redemptions.
Ethereum ETFs on the spot market also continued to be under pressure, with $298 millions in net outflows. However, the flows to Solana products and XRP moved the other way, signaling a selective market demand.
ETF Flows Divided as Solana stands out
Solana ETFs saw a net capital inflow of $2.92million for this session. The XRP ETF spot also saw a net inflow for the day of $7.16 millions.
The split also shows a rotation away from the majors and demonstrates a move towards faster networks that have heightened retail interest. Solana could benefit from traders’ search for assets that hold up in times of market weakness.
SOL price holds key support as charts tighten
Solana was traded for $127.85, with an estimated 24-hour volume around $4.42 billion. It rose by 1.11% in the past day but fell 11.02% for the entire week. The market capitalization was $72.4 billion with approximately 570 millions SOL on the streets. Technical analysts believe that the zone in which Solana is currently located may determine his next big move.
Milk Road reports that Solana has reached the bottom boundary of an ascending triangle over a period of time. This is around $127. The trend has produced multiple higher lows at this level.
A weekly close over that range would keep the current structure. The pullback also fits into a compression phase where the price is testing support rather than breaking higher.
Curb.sol has also indicated a change in momentum on the MACD 3-day indicator. Analyst said that a first buy signal has appeared since April’s $90 bottom.
This type of signal is often seen near trend resets. Buyers may aim for $145 or $160 if SOL remains above $127.
As confidence grows, Staking Reachs 70%
Lark Davis, a network analyst reported that Solana’s stake ratio had reached a record-breaking 70%. This figure implies that the chain is now secured by assets worth around $60 billion.
Davis also noted that Solana’s ETFs had seen inflows for twelve weeks running. The market was stressed and Bitcoin products were heavily sold.
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