Solana Soaring on Crypto Fund Inflows, Cathy Wood’s Praise

During the 2021 bull market, Solana (SOLUSD), the sixth largest cryptocurrency by market capitalization, captured the attention of the crypto world with its promise of Ethereum-like capabilities without the sluggish and costly transactions.

As of Wednesday, the price of Solana tokens surged, in sync with the broader rally in altcoins, and was further boosted by the optimistic comments on the token made by renowned tech investor Cathie Wood. The sudden surge occurred only a day after Wood praised Solana's performance this year on CNBC TV program. At present, Solana's value has escalated by almost threefold in the past month and is currently valued at $64.92, up by nearly 15%.

Moreover, according to a CoinShares report, crypto inflows into digital asset investment products reached $293 million last week. The Solana fund saw inflows of about $12.4 million, up from $10.8 million the previous week. That brings the corresponding inflows for the year to more than $120 million.