Currently the crypto markets are experiencing severe price fluctuations. However, institutional investors are not irritated about this, according to a new analysis by crypto asset manager Coinshares. Ethereum competitor Solana in particular is accumulating a lot.
Solana more popular than Ethereum
Crypto Investors had 48 wild hours: One day later a strong recovery came after the brutal crash of Bitcoin, Ethereum and Co. The result: Many tires have gone through the roof and have increased by up to 90% within 24 hours.
However, amid this intense volatility, the institutions have rushed primarily to one altcoin: Solana (SOL). Due to the brutal crypto crash, it is currently available much cheaper: So has Solana within the last four weeks Lose 49.87%, based on the last seven days it is 35.87%.
The discount is clear: 1 week ago, 1 SOL cost about $ 82 – now the smart contract platform is trading at just $ 52. This attracts many investors which is certain of Solana’s long – term tendency.
For example, as CoinShares crypto manager writes in the latest issue of his weekly report, Solana (SOL) saw the largest altcoin capital inflows last week at $ 1.9 million.
Multi-asset investment products saw inflows of $ 1.7 million over the same period, while investment products for XRP and Cardano (ADA) Ripple saw only $ 0.2 million inflows.
According to CoinShares, investment products for Ethereum are still having a tough time. Ethereum Market Analysts:
“However, Ethereum continues to have a negative outlook, with a total outflow of $ 12.5 million over the past week, bringing the total outflow for the year to $ 207 million.”
You can check out the full CoinShares report here.
An investment strategist explains: This makes SOL better than ETH
Solana is also highly regarded by the popular pseudonymous youtuber Crypto from InvestAnswers as an Ethereum competitor as well. In a new video analysis, the investment strategy explains, what makes Solana better than Ethereum:
“Solana’s strength, and the reason I still like it, is that they have the widest range of DApps and no blockchain out there. They have exponential acceptance. Fast, Cheap, Scalable. Despite the failure … “
In addition, Solana relies on Rust – according to the analyst, the choice of development language that drives most development activities on any blockchain. In particular, the lightning-fast speed sets 65,000 SOL transactions per second apart from the competition, but also the fact that the SOL DApps have more daily active users than Ethereum DApps. That, according to the analyst, It’s “very kind” since Ethereum currently has about 3,000 DApps and SOL only has about 750.
The question remains: Should you invest in Solana now? Or will the coin fall further before it can be recovered?
Many industry observers stop here likely additional obstacles in the short term. For example, the popular CryptoCapo_ is issuing a price target of $ 24 to $ 30 for the coming weeks. In her estimation, this is also the low point – from then on Solana will rise again.
It bounced off the first target of $ 40-45, but the main target remains $ 24-30. That should be the bottom line. pic.twitter.com/kQ5O9ebxHX
– il Capo Of Crypto (@CryptoCapo_) May 13, 2022