- Altcoins have gained a larger share of the institutional inflows of crypto investment products over the past week.
- Ethereum leads the altcoin package as ETH continues to gain dominance.
- Solana posted a record inflows last week, doubling its total inflows since the beginning of the year.
Cryptocurrency investment products saw an inflow of $ 98 million last week for the third straight week, suggesting that investor sentiment remains positive. Ethereum and Solana have taken the lead in weekly inflows as altcoins have grown in popularity with institutional investors.
Institutional investor sentiment will be positive when the market recovers
Institutional investors have turned their attention to altcoins as the altcoin market share now represents 35% of the capital tied up in digital asset investment products, according to a CoinShares report.
As institutional demand for altcoin exposure continues to rise, altcoins accounted for 40% of the inflows into cryptocurrency investment products over the past week.
Ethereum has seen the third week of inflows totaling $ 14.4 million and leads the altcoin package with a record market share of 28%. Although some investors have concerns about the protocol, the dominance of ETH continues to grow.
After Ethereum, Solana saw total weekly inflows of $ 13.2 million, doubling its total inflows since the start of the year. SOL-based investment products rose 388% last week as their price rose about 37% at the same time. Solana products now represent $ 44 million in total assets under management, according to CoinShares.
Other altcoins, including Cardano, Polkadot, and Ripple, saw inflows of $ 6.5 million, $ 2.7 million and $ 1.2 million, respectively.
On the flip side, Bitcoin also saw $ 59 million in inflows, suggesting that investor sentiment has turned positive after weeks of consecutive outflows.
The Solana price is targeting $ 200 next
Solana price hit another all-time high at $ 178 as it continues to push bullish momentum higher. As the altcoin has become a front runner in the crypto market, the next target for SOL appears to be at $ 198, at the Fibonacci expansion level of 161.8%.
Investors should note that while Solana price continues to trend higher, the Relative Strength Index (RSI) suggests that the SOL could easily decline before resuming its rally. The Arms Index (TRIN) also suggests that power could easily be shifted to the bears as more sales activity takes place.
SOL / USDT 4 hour chart
The first line of defense for the altcoin is at the 127.2% Fibonacci expansion level at $ 160, then at $ 141 at the 20 4-hour Simple Moving Average (SMA).
Further support could come in the 50-four-hour SMA at $ 114 as SOL investors take profits and push the Solana price down before marking the 78.6% Fibonacci expansion level at $ 106.