Prices softer, but rising inflows
Data shows the inflows into Solana ETFs have been consistent over the last week. There were two significant spikes, each of about $70 million. Net assets of ETFs now total more than $500 million. Price didn’t move in the same direction.
SOL remained near $164 during the period and even trended slightly downward.
Source: SoSoValue
DeFiLlama figures show that Solana’s TVL is $10.59billion and has fallen about 3% within 24 hours. Maybe capital enters via ETFs quicker than can be reflected by on-chain exchanges.
Source: DeFiLlama
Positioning is a big money game, even as retail sales are cooling.
Technicals are bearish
Solana’s daily chart revealed that the price had fallen to $159 by press time. Sellers still held control. EMA lines remained stacked over price showing a continued downtrend. RSI had reached oversold levels.
CMF is also at zero.
TradingView
Spot traders have not reversed the trend despite the massive inflows to Solana’s ETFs. The technicals tell a very different story from the flows. Whales may be accumulating but the market has not yet followed.
The momentum is weak for the moment, but if RSI continues to drop, a temporary relief bounce could occur.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
