Glassnode noted that Solana’s (SOL) momentum has weakened. However, Solana is still continuing to maintain positive capital flows. Over the past 24 hours, SOL has fallen by 1.5%.
Analytics firm Glassnode has shared some remarkable data on Solana’s recent market performance. Compared to Bitcoin (BTC) at $95,073.4 and Ethereum (ETH) at $3,395.4, Solana’s momentum has been declining. Glassnode notes that this decline is an important indicator for understanding the dynamics of capital flows in the cryptocurrency market.
According to data shared by Glassnode via the X platform, Solana’s Realized Cap metric showed less movement on a monthly basis. This metric calculates the market value of each cryptocurrency based on its last transaction price. Glassnode made the following statement on this subject: “The Realized Cap metric shows the speed and direction of capital inflow and outflow. Solana’s Realized Cap change rate is at lower levels than Bitcoin and Ethereum.” The fact that Solana’s Realized Cap change rate could not outpace BTC and ETH during the last market correction stands out as a data confirming the decrease in its momentum. This situation shows a slowdown in Solana’s market dynamics.
Positive Capital Flow Continues
Another statement by Glassnode stated that Solana has provided positive net capital flow since the beginning of September 2023. The company stated that there were only short-term capital outflows during this period. “Continuous liquidity inflow supported growth and price increases. Daily new capital inflows of $776 million reached a peak,” a statement was made. This capital flow appears to have significant effects on Solana’s market performance. The long-term positive effects of the increase in liquidity are being carefully monitored by investors.
Solana is trading at $186.12 at the time of publication, ranking sixth by market cap. SOL has lost 1.5% in the last 24 hours. Investors are closely monitoring the future impact of this drop in the Realized Cap metric and positive capital flow.