Solana, a prominent blockchain platform, has been seeing persistent positive progress over the past two years. As per the data from Glassnode, Solana has consistently recorded a significant capital inflow and price appreciation in $SOL since September last year. The blockchain data intelligence platform shared the analysis of the Solana market in its latest report.
Solana Sees Persistent Positive Inflows after September 2023
Glassnode mentioned that Solana has continuously sustained a positive momentum over the past months since last year’s September. The well-known crypto token has seen just some minor outflows throughout the respective period. In this respect, it also achieved a staggering inflow peak at $776M. This figure reportedly denotes its new all-time high of per-day capital inflow.
The Crypto Token Outcompetes Ethereum and Bitcoin in Terms of Realized Cap
The report from Glassnode suggests that Solana has also been outcompeting Ethereum and Bitcoin over the past two years. The price action spike has added a great amount of new capital to the crypto asset. Hence, since its low price level in 2022’s December, it has witnessed a substantially bigger capital rise in comparison with Ethereum and Bitcoin. Based on the relative Realized Cap indicator, Solana saw a huge liquidity growth during 389 trading days out of 727. With this, the net liquidity surge reached +$55B. This led to massive price appreciation tailwinds.
Trending Now: Bitcoin Coinbase Premium Indicator Displays Likely Buy Signal
Additionally, in line with the Hot Realized Cap indicator, Solana’s demand among the fresh investors has overwhelmed Ethereum for the first time. This highlights the crypto token’s resilient demand profile. The sheer rise in Solana’s Hot Realized Cap before 2024’s start signified the $SOL/$ETH ratio’s upward inflexation spot. Moreover, it pointed toward the latest capital influx to push Solana’s growth.
Despite Consolidation, Solana Shows Significant Potential for Additional Price Action
According to Glassnode, Solana’s price is currently going through a consolidation phase. This points out that the market is comparatively heated but it has potential for further price action. Keeping in view the above-mentioned statistics, the popular crypto token has made a rapid recovery and following price appreciation. Furthermore, it has also gained remarkable capital from a broad investor distribution, including the retail and institutional investors.