A bullish investor waking up this morning to test their portfolio most likely encountered scenes of utmost [financial] violence as jagged crimson traces dominated the charts and even Bitcoin crashed under $40,000.
Nonetheless, the primary query now’s how the alts are faring. Whereas some have praised their resilience, others may simply see their as soon as favourite cash bleeding out their very own worth.
Specifically, let’s check out Solana [SOL]. As soon as touted because the “Ethereum Killer,” the crypto had fallen behind Ripple’s XRP and was the seventh largest crypto by market cap at press time. SOL was changing hands at $102.06, having fallen by 8.15% previously day and shedding 23.44% of its worth in per week.
All coronary heart however no SOL?
Coinshares’ weekly flows report revealed a complete of round $134 million in outflows, making it the second-largest this yr. Whereas Bitcoin made up a lot of the outflows, the report observed,
“Altcoins (ex-Ethereum) and multi-asset funding product flows have been in stark distinction to Bitcoin and Ethereum with inflows totalling US$6m and US$5m respectively.”
Solana was a kind of which defied expectations and noticed inflows of round $3.7 million, indicating promoting exercise. So, that brings us to a necessary query – are Solana traders panicking?
A take a look at buying and selling volumes for the asset on Santiment confirmed that whereas the newest peak of transactions was shorter than these previous it, transaction volumes truly picked up from round 10 April – even because the asset was falling.
Supply: Santiment
One pertinent query right here is – how a lot of this may very well be due to the NFT market large OpenSea saying that it could listing Solana NFTs this month? In any case, knowledge from CryptoSlam revealed that after Ethereum, Solana noticed the very best NFT gross sales volumes within the final month.
Supply: CryptoSlam
Nonetheless, it’s nonetheless doable that crypto merchants are panic promoting their SOL. When contemplating the extent of SOL inflows that exchanges noticed this week, and Solana’s market cap rank slipping by one place, this turns into much more believable.
Don’t SOL your self brief
If Solana isn’t doing what you anticipated it to, don’t lose coronary heart simply but. In line with analyst Spencer Midday, there’s motive to position Solana over most different L1 chains. Why, you ask?
Midday reported that out of fifty tokens hoping to be welcomed by Coinbase, 45 belonged to Ethereum, and 5 belonged to Solana. Between them, they pushed out all different L1 rivals.
Out of the 50 tokens into consideration to be listed on Coinbase, 45 are $ETH ERC20 tokens and 5 are $SOL SPL tokens. No different L1s obtained even a single token. Given how liquidity profile is essential to protocol builders, this can be a win for @solana vs different alt L1 ecosystems. pic.twitter.com/6Wx1aFyPh1
— Spencer Midday ? (@spencernoon) April 12, 2022
