Ethereum & Solana Surge 12% as Institutional Investors & Social Sentiment Drive Rally
Ethereum (ETH) and Solana (SOL) have been making waves in the crypto market, surging over 12% in the past week. NFTs on Solana are also seeing a resurgence, with top projects up by more than 15%.
The rally in ETH and SOL can be attributed to several factors. Institutional investors have been pouring money into both cryptocurrencies. Since July 2024, Ethereum has seen over $100 million inflows into ETH-ETFs. Meanwhile, Solana has gained significant institutional backing, raising $1.65 billion. This increased institutional interest has driven up prices, with Ethereum breaching $4,680 and Solana's SOL token rising by 2.3%.
Social sentiment has also played a role. Platforms like X (formerly Twitter) and Reddit have seen growing engagement around ETH and SOL. The Ethereum daily thread on Reddit has seen increased activity, particularly around supply and stablecoin cap hitting $100 billion. Technical outlooks and high DEX volume have also contributed to their momentum. DefiLlama and Van Eck have noted ongoing accumulation in ETH.
Looking ahead, Ethereum is eyeing a price target of $7,900, needing a break through the $5,000 zone to reach this goal. Solana, meanwhile, is poised to make a new peak above $300, with a target of $400 gaining traction. Their ability to sustain this strength depends on their technical outlooks.
Ethereum and Solana have shown remarkable momentum, driven by institutional appeal, social sentiment, and technical factors. As they continue to gain traction, both cryptocurrencies are poised for further growth, with Ethereum targeting $7,900 and Solana aiming for a new peak above $300.
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