Analytics agency Glassnode says Solana’s (SOL) momentum on the month-to-month timeframe is waning compared to Bitcoin (BTC) and Ethereum (ETH).
On the social media platform X, Glassnode examines the Realized Cap metric, which data the worth at which every coin was final moved and goals to gauge what number of holders are in revenue or at a loss.
The agency factors out the month-to-month p.c change in realized cap for every of the three belongings.
“This metric acts as an indicator of the speed and route of capital inflows or outflows for these belongings.
Through the current market downtrend, the month-to-month price of change in Realized Cap for SOL has plunged beneath each BTC and ETH.
This means a sooner decline in momentum for Solana in comparison with the opposite two belongings.
Present month-to-month Realized Cap Change (%/30D):
• BTC: +10.87%
• ETH: +5.43%
• SOL: +2.19%.”
However Glassnode noted earlier this week that Solana has maintained a constructive internet capital influx since early September 2023, with solely minor intervals of outflow.
“This sustained inflow of liquidity has assisted in stimulating development and worth appreciation, attaining a outstanding peak influx of $776 million of latest capital per day.”
SOL is buying and selling at $186.12 at time of writing. The sixth-ranked crypto asset is down greater than 1.5% previously 24 hours.
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