• Altcoins have gained a larger share of last week’s institutional crypto investment product inflows.
  • Ethereum has been leading the altcoin pack as ETH continues to gain dominance.
  • Solana witnessed record inflows last week, doubling its total inflows year-to-date.

Cryptocurrency investment products witnessed an inflow of $98 million last week, marking the third consecutive week, indicating that investor sentiment has continued to be positive. Ethereum and Solana have taken the lead in weekly inflows, as altcoins have gained popularity among institutional investors.

Institutional investor sentiment turns positive as market recovers

Institutional investors have turned their attention to altcoins, as the altcoin market share now represents 35% of capital locked in digital asset investment products, according to a CoinShares report. 

As institutional demand for altcoin exposure continues to rise, altcoins accounted for 40% of last week’s inflows into cryptocurrency investment products. 

Ethereum has seen the third week of inflows with a total of $14.4 million, leading the altcoin pack with a record market share at 28%. Although some investors have concerns about the protocol, ETH dominance continues to climb. 

Following Ethereum, Solana witnessed weekly inflows totaling $13.2 million, doubling its total inflows year-to-date. SOL-based investment products saw a 388% increase last week, as its price gained in tandem by roughly 37%. According to CoinShares, Solana products now represent $44 million in total assets under management. 

Other altcoins, including Cardano, Polkadot and Ripple, witnessed inflows of $6.5 million, $2.7 million and $1.2 million respectively. 

On the other hand, Bitcoin has also seen inflows of $59 million, suggesting that the sentiment has turned positive among investors following weeks of consecutive outflows. 

Solana price aims for $200 next

Solana price has recorded another all-time high at $178, as it continues riding the bullish momentum higher. As the altcoin has become a front-runner in the crypto market, the next target for SOL seems to be at $198, which sits near the 161.8% Fibonacci extension level. 

Investors should note that while Solana price continues to trend higher, the Relative Strength Index (RSI) suggests that SOL could retrace slightly before resuming its rally. The Arms Index (TRIN), which compares the number of cryptos advancing and declining also indicates that the power could be slightly shifted to the bears as more selling activity is taking place.

SOLUSDT

SOL/USDT 4-hour chart

The first line of defense for the altcoin is at the 127.2% Fibonacci extension level at $160, then at the 20 four-hour Simple Moving Average (SMA) at $141.

Further support may arise at the 50 four-hour SMA at $114 should SOL investors take profit, pushing Solana price lower, before tagging the 78.6% Fibonacci extension level at $106.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious. 

More Bitcoin news

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.

More Shiba Inu News

Staking is coming to Chainlink this December as LINK price stands firm

Staking is coming to Chainlink this December as LINK price stands firm

LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.

More Chainlink News

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies. 

More Ethereum Classic news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP