Solana Received Over $800 Million In Net Flows Over Three Months
Unlike Ethereum, Solana is a modern blockchain with relatively high scalability. The platform can process thousands of transactions every second, translating to low fees
Solana remains under immense selling pressure, with bulls struggling for momentum as $160 emerges as a local resistance level. Despite September's upside momentum, Solana buyers failed to lift prices above this line. At press time, there's a local double top, although one analyst on X notes that Solana outperformed other platforms with a sharp net inflow.
Solana Net Flows Surpass $800 Million In Three Months
Solana is a modern blockchain with high scalability, unlike Ethereum. The platform can handle thousands of transactions per second, leading to lower fees and more projects launching on Solana to enhance user experience. This is evident in the capital flowing into Solana over the last three months.
Solana registered a net flow of over $800 million, which is more than double the capital received by OP Mainnet, an Ethereum layer-2, and significantly higher than Sui, another scalable blockchain, over the last three months. It also surpasses the capital received by Base and Starknet, two popular Ethereum layer-2s, and more than what Avalanche and BNB Chain received during this period.
Interestingly, Arbitrum, an Ethereum layer-2 and the largest of them all, along with Linea, Blast, and Bitcoin, saw outflows during this period. Despite being the largest smart contracts platform, Ethereum had a massive outflow of nearly $800 million.
It's unclear what triggered outflows from Ethereum and capital inflows into Solana. Differences in on-chain fees might play a role, as could the continuous sell-off in ETH throughout Q3 2024. At current prices, ETH is down 35% from Q3 24 highs, while Solana is only 25% off its July highs, when it rallied to around $192 before retracing.
Can SOL Break Past $160?
Solana is facing intense selling pressure despite attracting capital. The local resistance at $160 must be breached convincingly for the uptrend to continue, as seen in H2 2023. Further gains could see Solana rally to as high as $190 and potentially breaking out of the current range.
However, there could be obstacles. If Bitcoin fails to recover, it could drag the altcoin markets, including Solana. Additionally, there are concerns that the upcoming FTX token distribution could negatively impact SOL prices.
According to Token Unlocks, the team will begin unlocking tokens on December 26, 2024. Over 66,000 SOL will be released daily for a year.
The above is the detailed content of Solana Received Over $800 Million In Net Flows Over Three Months. For more information, please follow other related articles on the PHP Chinese website!

Cryptocurrency analyst Javon Marks is predicting an extended rally for Ethereum price in the coming weeks on the backs of solid technicals.

In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58.

Price swings and policy pressure aren't new in crypto, but every now and then, a project cuts through the noise with numbers too big to ignore.

Particularly during a bull run, the exciting field of cryptocurrencies allows tiny investments to result in life-changing profits.

Pseudonymous analyst Dave the Wave tells his 149,300 followers on the social media platform X that Bitcoin looks to be in the early stages of printing an inverse head-and-shoulders pattern

The PayFi market has shown its promise over time in the crypto space. From XRP to XLM, Remittix (RTX) is now taking over the market

Mutuum Finance (DOGE) and Pepe (PEPE) have garnered attention with forecasts suggesting potential increases of 5x in 2025

To support the launch of the MANTRA Chain mainnet, the project introduced a new tokenomics model that includes:

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

AI Hentai Generator
Generate AI Hentai for free.

Hot Article

Hot Tools

SecLists
SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.

SublimeText3 Linux new version
SublimeText3 Linux latest version

Atom editor mac version download
The most popular open source editor

MinGW - Minimalist GNU for Windows
This project is in the process of being migrated to osdn.net/projects/mingw, you can continue to follow us there. MinGW: A native Windows port of the GNU Compiler Collection (GCC), freely distributable import libraries and header files for building native Windows applications; includes extensions to the MSVC runtime to support C99 functionality. All MinGW software can run on 64-bit Windows platforms.

SublimeText3 Mac version
God-level code editing software (SublimeText3)