Solana registered inflows worth close to $3.5 million in the week ending 24 November, considerably more than other altcoins’ inflows combined. 

The $3.5 million was added to the monthly flows to bring the month-to-date inflows to $40.2 million.

In comparison, Ethereum recorded $99.6 million worth of inflows over the same time, which makes Solana almost half of the home of DeFi (decentralised finance). Yet, regarding other altcoins, Litecoin reported outflows worth $0.6 million and Ripple (XRP) $2.4 million worth of outflows. Only Cardano registered inflows, as well as Solana, totalling $2.1 million, Crypto News reports.

At the time of writing, Solana is trading at $57, testing the $59 barrier, which has been tested as a resistance for some time. Should this line become a support floor, Solana could exceed the $60 level and record new 2023 highs.

Over the past year, Solana has impressed investors with continual growth. Institutions have also shared the sentiment, making Solana their preferred altcoin.

Furthermore, the price indicators reveal the potential for an increase. Indeed, the Relative Strength Index (RSI) remains above the neutral line in the bullish zone. Also, the Moving Average Convergence Divergence (MACD) indicators signal bearishness is fading. Should these bars move above the neutral line, and we see a bullish crossover, there would be an uptick in momentum, reports FX Street.

That said, should this breach fail and bearish momentum rally, the Solana price would edge down, sending the altcoin towards the $50 mark and testing support at $46. Losing this line would undermine the bullish theory, leading to a fall to $40.