After skyrocketing 92%, Solana and Cardano outperform Bitcoin and Ethereum and could hit a new high, report says

Even though Bitcoin (BTC) has risen more than 70% since the cryptomoney fell below $ 30,000, has been overtaken by Cardano (THERE IS) and Solana (SOL) with regard to institutional interest.

According to a new post from CoinShares, a firm specialized in the analysis of the cryptoassets market, both ADA and SOL saw more institutional capital inflows than any other cryptocurrency last week.

To illustrate how institutional investors, whose interest propelled BTC to its all-time high in March, are eager for both Cardano and Solana, in their weekly report, the company says that SOL registered more than twice the institutional capital of Ethereum (ETH).

“Solana, a competitor to Ethereum that offers flexible infrastructure and faster transaction settlement, saw the largest inflows of any digital asset last week, totaling $ 7.1 million.”

Also according to the company, Ethereum had smaller entries, totaling $ 3.2 million last week, along with other altcoins like Litecoin and Polkadot, which saw inflows of $ 6.4 million, $ 1.8 million, and $ 1.1 million respectively.

Solana y Cardano alza

Solana, backed by FTX CEO Sam Bankman-Fried, has seen a 92.9% rise in the past two weeks, while Ethereum has seen an 11% rise in the same period.

Cardano, for its part, experienced a 35% rise in the last seven days, according to Coinmarketcap, and it also posted record institutional inflows, only slightly below Solana, according to CoinShares.

Bitcoin, for its part, only ranked seventh in volume of institutional investors, with a total of $ 2.8 million. CoinShares claims that while a lack of Bitcoin inflows may indicate negative sentiment, it also “masks highly mixed flows between providers.”

According to the CoinShares report, Litecoin (LTC) saw $ 1.8 million in inflows, Polkadot (DOT) saw $ 1.1 million, and XRP saw $ 1 million.

ADA and SOL prices could go up

This institutional demand could further boost the price of Cardano and Solana, as enthusiasm has returned strongly to the crypto market, with Bitcoin again topping $ 50,000.

Regarding the price of Cardano, the analysts of FXStreet believe that the cryptocurrency could easily break the $ 3 mark and head towards $ 5.

“The price of Cardano (ADA) returned to record another all-time high of $ 2.84, while continuing to challenge previous highs. ADA is heading for a 20% surge as the cryptocurrency advances, showing massive strength,” they note.

For his part, the Cointelegraph analyst, Rakesh Upadhyay, states that the next upside target is the psychological barrier of $ 3.00, but he points out that vertical rallies such as ADA’s are rarely sustainable, so the ADA / USDT pair could enter a minor consolidation or correction near $ 3.00.

“If the bulls manage to turn $ 2.47 into support during the next pullback, that will be a sign of strength. This will increase the likelihood of the uptrend resuming. The next upside target is $ 3.50. On the other hand, if the bears sink and hold the price below $ 2.47, this will indicate that the bullish momentum has weakened, “he said.

Regarding Solana, he highlights that there is downward support at USD 68 and that if the price recovers from this level, the bulls will try to resume the upward trend. If the price rises above $ 82, the SOL / USDT pair could rally to $ 100.

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SOL / USDT daily chart. Fountain: TradingView

“Alternatively, if the support at $ 68 breaks, the pair could retest the breakout level at $ 58.38. If the bulls convert this level to support, the pair could consolidate gains for a few days before attempting to resume. upward movement, “he said.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move involves risk, you should do your own research when making a decision.

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After skyrocketing 92%, Solana and Cardano outperform Bitcoin and Ethereum and could hit a new high, report says

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