Solana dominates the altcoin market despite FTX-linked woes: CoinShares report

October 23, 2023 03:27 AM PDT | By Invezz

Solana dominates the altcoin market despite FTX-linked woes: CoinShares report — Image source: Invezz

Solana’s future trajectory

Solana exhibits a bright future. The altcoin has seen consistent inflows within the past few weeks, confirming investor faith in the project. Furthermore, the altcoin attracts funds despite worries surrounding FTX.

The community fears that United States court might allow the insolvent exchange to liquidate SOL tokens worth millions. Market players seem confident despite such narratives, solidifying the coin’s status.

Nevertheless, Solana enthusiasts should follow the overall market’s developments to determine the altcoin’s potential direction. Cryptocurrencies are currently mimicking BTC’s movements. The bellwether crypto exhibits a bullish outlook as various developments indicate continued surges.

The #Bitcoin halving event is just 170 days out.

The introduction of the first Bitcoin Spot ETF is probably happening in under 60 days.

This suggests an increase in demand alongside a decrease in supply.

You do the math.

— Crypto Rover (@rovercrc) October 23, 2023

First and foremost, the market expects the United States SEC to approve spot BTC exchange-traded funds. That would attract massive inflows into the crypto sector, translating to significant price surges.

Also, the upcoming Bitcoin halving is less than 170 days away. Further, the Federal Reserve might boost risk assets by pausing interest rates.

Bitcoin’s bullish rally will see altcoins, including Solana, following suit. That will likely see SOL skyrocketing to hit the crucial $40 before extending upwards.

The post Solana dominates the altcoin market despite FTX-linked woes: CoinShares report appeared first on Invezz

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