Ethereum Reclaims 42% Of Outflows As Price Surges, Floki Price Set For Massive Rallies

Having witnessed significant outflows in the past weeks, Ethereum has regained 42% of the outflows from Solana, triggering massive rallies for the Ether token.

As Ethereum regains its footing in the market, several altcoins have shown promising signs of rallying alongside the leading altcoin. Among these is Solana, which experienced significant outflows in the past few months. However, recent data reveals that 42% of the outflows have flowed back into Ethereum.

According to crypto analyst Michael Nadeau on X, data from on-chain market tracker Artemis shows that Solana saw a $2.36B inflow from Ethereum L1 year-to-date (YTD), with over $1B flowing back to Ethereum.

“Solana had $2.36B in total value locked (TVL) flow from Ethereum L1 YTD. In the past few months, 42% of the outflows made their way back to Ethereum.”

At the time of writing, data from DeFiLlama shows that the Ethereum TVL stands at over $54B.

Meanwhile, Ethereum’s price has surged over 30% in the past month, according to CoinMarketCap. The altcoin has also established support above the $2900 mark, with over 18 technical indicators flashing buy signals.

As reported by Coinpedia, the Ethereum market cap has also surged to $352B. If the buying pressure persists, the altcoin could flip the $3000 mark soon.

On the other hand, the Ethereum-based meme coin Floki has also shown signs of rallying. Data from CoinMarketCap shows that Floki’s price has increased by a slight 3% in the past week as it sets support above the $0.00014 support mark.

The Floki chart from Tradingview shows the altcoin is trading above the 50-day SMA but below the 200-day SMA. However, over 20 key market indicators are pointing towards a bullish signal, with the RSI (51) not yet in the overbought zone.

According to Bitcoin Meraklisi, a popular analyst on X, the Floki price is testing the symmetrical triangle resistance again. A continued rise and close above the resistance levels indicated in the chart could trigger more bullish momentum.

“Floki is testing the symmetrical triangle resistance once more. A daily close above the resistance levels indicated in the chart could trigger another leg up. If the market continues rallying, the Floki token could retest the all-time high before the end of 2024.”

With the recent market rally and the attention shifting towards Ethereum and its meme coins, investors could be keeping an eye on Cutoshi, a project that combines a meme coin with a decentralized exchange (DEX).

Backed by the DEX and an educational platform, the CUTO token could become a favorite among investors in the coming weeks.

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