Solana Attracts Millions in Inflows From Institutions As US Election Voting Starts

Solana stood out among the altcoins, attracting over $5.7 million in inflows from institutional investors.

The massive flow into Solana-based products comes as the US election voting starts today, November 5. The euphoria for a pro-crypto president laid out favorable macro factors for digital assets to hit net inflows of $2.2 billion last week.

Meanwhile, Solana has recorded a mix of resistance and support within the past weeks as it strives to recover the $186 threshold.

Solana Hit $5.7 Million In Net Inflows For The Week 

Solana has attracted massive attention from institutional investors amid the wavering trend in the broader crypto market. According to CoinShares’ latest Crypto Fund Flows Weekly report, Solana recorded over $5.7 million in inflows for the week ending November 2.

Solana flows only seconded Ethereum’s inflows of $9.7 million, but higher than other altcoins.

The recent report reflects how institutions remained confident in Solana and its products. Also, it demonstrates a long-lasting commitment from this investors’ class to the Solana network.

Additionally, the report indicated that Solana saw month-to-date (MTD) and year-to-date (YTD) of $600,000 in outflows and $69 million in inflows, respectively. Solana blockchain boasts about $1.43 billion in assets under management (AUM).

Meanwhile, Ethereum flipped the tables, reaching $9.5 million in inflows last week against its previous week of net outflows. Ether-based products recorded over $10.23 billion in assets under management (AUM).

Bitcoin maintained its lead with over $2.1 billion in inflows within the past week, with over 483.65 billion in assets under management (AUM).

In terms of countries, the US emerged at the top with over $2.22 billion in inflows for the week. This data surpasses the country’s previous week’s record of $906 million in inflows.

The overall positive trend of flows in the US is associated with the presidential election voting starting today, November 5. Moreover, the anticipation of getting a pro-crypto president has fueled most investors’ engagement within the past few weeks.

Germany followed in second place with net inflows of $5.1 million for the week ending November 2. Australia and Hong Kong recorded inflows of $2.1 million and $700,000 for the week, respectively.

For exchange-traded funds (ETFs) and other products, iShares ETFs took the lead with over $2.21 billion in weekly inflows. Fidelity ETFs followed with $90 million in net inflows.

Solana Price Trend and Potential Breakout

SOL plummeted by almost 12% within the past week as the token traded between $160 and $161, its key resistance level. However, Solana needs to convert this resistance level into a support level to aid its recovery of $186.

The recent spike in institutional interest in Solana has influenced its price growth amid the volatility in the broader market. 

Solana has established $161 as a potential support, which positions it for a greater price rally. If bullish momentum is sustained, SOL could aim for the $175 threshold in the coming days.

During the early trading hours of November 5, SOL has hit a daily high of $164.71. However, the token trades at $161.24, with a market cap of about $75.94 billion.