Solana (SOL), has recently seen a huge price increase, surpassing $30 this past weekend. Currently, Solana is trading at $29.76 with a market value of $12.428 billion.
Over the course of the past week, the price of Solana has recorded an increase that surprised the 'traders' by 32%. At the same time, Solana's investment products experienced net inflows of $15.5 million. With this, the total inflow for Solana in 2023 has increased to $74 million, which represents 47% of the total, based on data from CoinShares.
Solana's price surge also received strong support from Bitcoin, which also rose to $31,000 on Sunday, October 22. Bitcoin investment products also received net inflows during the past week.
While Solana recorded net inflows, Ethereum recorded outflows of $7.4 million over the past week.
One of the most convincing indicators of Solana's potential to be the top performing altcoin of 2023 is its recent performance. In the past 10 months, SOL has gone from $10 to $30, marking a significant gain. Over the past week, it has registered a solid increase of 41%, with a 60% increase in the last month and a 41% increase in the last six months.
After being stuck below the $25 resistance level for almost a year, SOL finally managed to break through that level. In order to sustain this current recovery, Solana needs to close above a significant resistance level around the $35 price level.
