According to the latest report published by Glassnode, Solana (SOL), Bitcoin (BTC)$BTC
and managed to attract attention by outperforming major cryptocurrencies such as Ethereum (ETH). Since its bottom in November 2022, SOL’s value has increased significantly. Glassnode’s data highlights the rise in Solana’s capital movements, and shows that this increase is not limited to the price alone. After falling below $9 after the FTX exchange crash, SOL increased by more than 20 times and has recovered and recorded a significant rise.$SOL
According to analysis of the last 727 trading days, SOL has outperformed Bitcoin and Ethereum for 344 days. Also, for developers, Ethereum$ETH
It has become a leading ecosystem, leaving behind major platforms such as. This strong performance clearly shows that the demand for Solana is high.
According to Glassnode’s report, Solana has seen an impressive 2,143% increase in price over the past two years. This growth is not only due to the price increase, but also shows that the ecosystem is evolving in terms of technology and usage.
Another important factor affecting Solana’s market performance this year was the rise of memecoins. In addition, institutional investors’ interest increased and work began on SOL-based ETF products. Companies such as Canary Capital, Bitwise and 21Shares are among the leading companies in this regard. If ETF approvals are realized, it is estimated that SOL’s value could increase even more.
The potential for Paul Atkins, known as a crypto advocate during the Donald Trump administration, to become SEC chairman could pave the way for ETF approvals. This development could help Solana attract more institutional investors in the future. If successful, SOL’s price could rise to $400.
Glassnode highlighted that Solana has seen a net capital flow increase of $55 billion in the past period and continues its strong performance in Proof-of-Stake (PoS) infrastructure. Current price movements show that Solana’s growth potential is still high. With increased investments, Solana’s market share and position could become even stronger.