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Delphi Digital

Solana Surges: 21Shares Staking ETP Leads As Weekly Inflows Top $100 Million

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In recent days, the cryptocurrency landscape has witnessed a remarkable surge in capital movement, with weekly inflows surpassing the $100 million milestone. This surge clearly reflects the growing optimism within the crypto market.

Notably, the 21Shares Solana Staking ETP (ASOL) has emerged as a star player in this capital influx, securing the second position in net monthly flows. This surge in ASOL’s popularity harkens back to the remarkable growth that SOL experienced in the latter part of 2021.

Solana’s Price Surge

SOL daily price chart indicated several key patterns and trends coming to the forefront. The recent steep upward trajectory signifies the increasing momentum of Solana. This impressive climb, accompanied by a notable surge in trading volume, underlines a growing interest from investors.

Source: Tradingview.com

Furthermore, the convergence of moving averages and a recent bullish crossover signal a positive trend. This may foreshadow the potential for further upside for Solana, reminiscent of the sentiment in the latter part of 2021. With the price hovering around the $32 mark, breaking through current resistance levels could propel SOL to new highs, similar to what was witnessed in the previous year.

Despite these promising technical indicators, caution and thorough research are still essential, given the inherent volatility of the cryptocurrency market. Nonetheless, the signs point towards a potential rally continuation, highlighting Solana’s underlying strengths and potential.

Beyond mere price speculations, Solana has established itself as a formidable player in the blockchain arena. Renowned for its high throughput and cost-efficiency, it provides an effective platform for decentralized applications and crypto projects. Solana’s appeal extends beyond its price, positioning it as a significant contender in the crypto and blockchain space.

Related Reading: |XRP: SBI VC Trade’s Bullish Forecast Sets The Stage For $0.62 Surge

Delphi Digital’s Analysis: Clues Suggest Crypto Bull Rally

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According to Kevin Kelly, co-founder of Delphi Digital, a recent shift in a crucial U.S. manufacturing business index could serve as an indicator for an upcoming crypto bull run. The co-founder of Delphi Digital has pointed out that various metrics and charts based on blockchain data are displaying signs that might suggest the commencement of a fresh cycle of growth in the crypto market.

On August 14, Kevin Kelly from the institutional crypto research firm Delphi Digital emphasized that the crypto markets follow cyclical patterns that can be predicted. He believes that this characteristic holds significant implications for the future of the crypto market. He stated, “There’s mounting evidence that we’re in the initial phases of a new cycle. Throughout the year, risk assets such as stocks and cryptocurrencies have been perceiving this.”

Kelly’s Insights on Delphi Digital

Kelly also shared a chart dated August 8 from Delphi Digital, showcasing Bitcoin’s adherence to four-year cycles marked by consistent patterns that have consistently recurred during the last three cycles. These patterns include an 80% downturn in the first year, followed by a two-year recovery to previous highs, culminating in a fourth-year surge to achieve a new record high.

Kelly observed that the culmination of Bitcoin’s cycles is usually in sync with the peaks of the Institute of Supply Management (ISM) manufacturing index. This index monitors the well-being of the manufacturing and service industries in the United States. He pointed out that instances of BTC price peaks tend to align with indications that the ISM index is reaching its highest point. Furthermore, metrics such as active addresses, overall transaction volumes, and total fees have all reached their zeniths in conjunction with the ISM index’s pinnacles.

Delphi Digital

Kelly clarified that as the business cycle begins to display signs of improvement, a similar trend is observed in the crypto market.

He stated, “Historically, pivotal moments in the business cycle have presented favorable opportunities to increase exposure to risk.” He went on to explain, “It appears that the ISM index is approaching the concluding phases of its downward trend spanning two years, a trend that risk assets have been able to anticipate.” While Bitcoin and the crypto markets have maintained a sluggish pace for approximately the past five months, analysts have informed that a number of fundamental factors like the potential approval of ETFs, a cessation of interest rate hikes, and a scaling upgrade for Ethereum could potentially rouse them from this inactive state.

Terra [LUNA] is now the 3rd largest blockchain by TVL count

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Terra [LUNA] achieved a new milestone as it surpassed Avalanche [AVAX] and Solana [SOL] to become the third-largest blockchain by total value locked [TVL]. Observing the same, a prominent research and investment firm Delphi Digital further added that TVL numbers along with native token prices are both highly reflexive ‘as they are commonly used as collateral decentralized finance [DeFi] and as base pairs for DEXes’. In its latest publication, the analytical firm chronicles the beneficiaries from Terra’s astonishing growth in the market.

Secondly, the report analyzed the growth of the UST supply count as LUNA charted new peaks. It observed that the increase in the metric from $3 billion to $7 billion in mid-November was due to the proposal to mint UST with LUNA in the community pool so as to grow the Terra network through UST usage. To top that, UST amassed another $1billion growth in the circulating supply after 19th November.

Apart from that, another to reap benefits out of LUNA’s price surge is the liquid staking protocol Lidofinance which has at present around 67 million Terra’s tokens staked as liquid staking derivatives which amount to 17.6% of all circulating LUNA supply. On a different note, Lido has recently integrated with MakerDAO [MKR], enabling Lido’s with ETH token to be used as collateral to mint stablecoin DAI on Maker Protocol.

Terra added another milestone – now the 10 ranked cryptocurrency

Terra continued to make rapid strides and has entered the 10th position among the crypto assets worldwide. With a valuation of $25.1 billion, the native token has outpaced popular meme coins such as Dogecoin [DOGE], Shiba Inu [SHIB], as well as Ethereum competitor Avalanche [AVAX].

At the beginning of the year, Luna was worth $300 million, and in the month of July, the asset went on its first bull run when its market cap soared to $2.6 billion. In addition to that, in the span of six months alone, Luna has charted a staggering 900% price rise. In fact, the native token hit a new record last Tuesday, as demand for the network’s UST stablecoin increased and users rushed to swoop profits in the multiple incentive programs.