Solana’s Momentum Wanes Compared to Bitcoin and Ethereum
Analytics firm Glassnode reports that Solana’s (SOL) momentum is decreasing on a monthly basis compared to Bitcoin (BTC) and Ethereum (ETH).
On X (formerly Twitter), Glassnode evaluates the Realized Cap metric, which tracks the price at which each coin was last moved, helping to determine how many holders are in profit or at a loss.
The firm highlights the monthly percentage change in realized cap for each asset:
> “This metric acts as an indicator of the rate and direction of capital inflows or outflows for these assets. During the recent market downtrend, the monthly rate of change in Realized Cap for SOL has plunged below both BTC and ETH. This indicates a faster decline in momentum for Solana compared to the other two assets.”
Current monthly Realized Cap Change (%/30D):
– BTC: +10.87%
– ETH: +5.43%
– SOL: +2.19%
Source: Glassnode/X
Glassnode noted earlier this week that Solana has seen a positive net capital inflow since early September 2023, with only minor periods of outflow.
> “This sustained influx of liquidity has assisted in stimulating growth and price appreciation, achieving a remarkable peak inflow of $776 million of new capital per day.”
At the time of writing, SOL is trading at $186.12, down more than 1.5% in the past 24 hours.
Generated Image: Midjourney
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