Solana Soars 18% In 1 Week: Can It Outperform Bitcoin, Ethereum?

Benzinga_recent_news
Aug 14

Solana's SOL/USD 18% surge over the past week comes amid strong ETF inflows and real-world adoption, fueling talk of a full-blown "SOL season" revival.

Trader Notes: Altcoin Sherpa says $200 is both a psychological barrier and a critical support/resistance zone for SOL.

While a return to all-time highs, similar to Ethereum's trajectory, is likely, he notes market rotation could slow the move.

He remains bullish on both ETH and SOL.

Crypto trader Jelle expects a major comeback for SOL season, noting that once above $200, "there's little resistance to slow it down." He sees the current market environment as prime timing for a renewed run.

Crypto Chase is still waiting for an ideal entry, focusing on SOL as Ethereum trades too close to its all-time highs for fresh longs.

Statistics: Nate Geraci, President of NovaDiusWealth and ETFPrime host, reported that since the launch of futures-based SOL and XRP ETFs in March/April, they've pulled in over $1 billion in inflows, including nearly $150 million into the Rex-Osprey SOL + staking ETF.

He sees this as a strong signal for potential spot SOL and XRP ETF demand.

Coinglass data shows Solana derivatives trading volume jumped 92.9% in a single day, with open interest climbing 12.7%.

Community News: CMB International, one of Asia's top asset managers, has launched the world's first public fund on Solana, tokenized as "CMBMINT", in collaboration with DigiFT and OnChain.

This milestone paves the way for blockchain-based capital markets in Asia.

Solana treasury firm DeFi Development disclosed in an Aug. 12 shareholder letter that it purchased over 4,500 SOL in the first two weeks of August, bringing its total holdings to more than 1.3 million SOL (~$250 million).

The firm marked one of its fastest growth periods in July.

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