Solana Sees $314M Asset Inflow, Outpaces Ethereum by 463%
1min read Solana's ecosystem has witnessed a substantial inflow of assets, with $314 million worth of tokens transferred from the Ethereum network over the past 30 days. This influx represents a record high for Solana, outpacing the total volume moved to Ethereum's layer 2 projects by 463%. The surge in bridged assets is viewed as a bullish signal for Solana's price, as it enhances the total value locked (TVL) and liquidity for SOL, while also stimulating user activity on the network. Some analysts see this as evidence of Solana's increasing dominance over Ethereum, sparking discussions about a potential flippening.
As Solana celebrates its fifth anniversary, there is a palpable sense of optimism surrounding its price trajectory. Experts anticipate a short-term rally, with analysts suggesting that if Solana's price surpasses its 20-day exponential moving average (EMA), it could alleviate current selling pressure and drive the price toward the 50-day simple moving average (SMA), encountering bearish resistance around $178. However, a price decline below $120 could initiate a sharper correction toward $110 and potentially $90. In the long term, a developing cup-and-handle pattern could potentially boost SOL to $3,800 if a breakout occurs. Currently, Solana is trading at $129, showing a nearly 4% decrease over the last 24 hours.
The network's activity is heightened as Solana marks its fifth anniversary. Despite the failure of the SIMD-0228 proposal, the rapid voting process provides a positive outlook for the network's future. The influx of bridged assets and the network's on-chain data, including positive SMA and EMA indicators, are expected to positively influence Solana's price. As the ecosystem continues to expand, the optimism surrounding Solana's price trajectory remains robust, with analysts targeting the $178 mark in the short term.
