Solana Records $16 Million Spot Inflow Indicating Potential Price Rebound
Solana (https://holder.io/coins/sol/) has experienced a 30% decline since reaching $294 on January 19, amid market volatility in February. However, recent developments indicate potential recovery.
Spot Inflows Indicate Renewed Interest
- On-chain data shows Solana's spot market inflows reached $16 million on Monday, marking the first significant inflow in 10 days.
- This increase suggests renewed buying interest and confidence among investors.
- The Balance of Power (BoP) indicator is at 0.23, indicating stronger buying pressure than selling.
- If this trend persists, it may enhance bullish momentum for SOL.
Currently, Solana is testing a key support level. If it maintains prices above this level, it could rise towards $258.66. A drop below could see it fall to $113.88. Solana is trading at $204.14, up by 0.96% in the last 24 hours.
Impact of Meme Coins and Market Sentiment
- Solana's growth aligns with broader crypto trends, highlighted by the Central African Republic launching its meme coin on the network.
- Bitcoin's performance significantly influences investor confidence in altcoins like Solana.
- As Bitcoin remains stable above key support levels, it may trigger rebounds for altcoins.
Solana Spot Inflow. Source: Coinglass