Solana (SOL) is scheduled to deliver its most substantial issuance this month, which has the ability to influence the price of altcoins. Wazz Crypto, a market expert, proposes that the trend of unlocking tokens may intensify, resulting in faster and more aggressive sell-offs.
Nevertheless, there has been a change this week in the actions of investors and traders who are now withdrawing their investments from altcoins, as indicated by substantial outflows of funds.
Altcoins have seen a total outflow of $77 million since August 12, whilst Solana has witnessed outflows of $182 million. The cautious approach played a role in the decline of the price from $185 in early August to $141 at the present moment.
The imminent release of tokens valued at $340 million could intensify investor sentiment, which has already been undermined by recent market patterns.
If Bitcoin does not initiate a market rebound that elevates the SOL in the next few weeks of August, the price of altcoins may experience additional downward pressure.
Recently, reports suggest that Solana is seeking US ETF clearance after Brazil’s financial regulator approved its first ETF. Solana, established in 2017 by Anatoly Yakovenko and overseen by the Solana Foundation, has become one of the leading cryptocurrencies with a market capitalization of $70 billion.
