Analytics firm Glassnode says Solana’s (SOL) momentum on the monthly time frame is waning in comparison to Bitcoin (BTC) and Ethereum (ETH).
On the social media platform X, Glassnode examines the Realized Cap metric, which records the price at which each coin was last moved and aims to gauge how many holders are in profit or at a loss.
The firm points out the monthly percent change in realized cap for each of the three assets.
“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%.”
But Glassnode noted earlier this week that Solana has maintained 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.”
SOL is trading at $186.12 at time of writing. The sixth-ranked crypto asset is down more than 1.5% in the past 24 hours.