Analysts See More SOL Price Growth

During a crypto market meltdown last week, Solana (SOL) lost 17.13%. based on CoinMarketCap.

This fall adds to the token's dramatic price movement after the November US Presidential elections, when it hit $263.83, a record high. Glassnode experts are optimistic about the token's capacity to recover despite three weeks without greater highs. The crypto bull cycle is still young.

about December 20, Glassnode, UkuriaOC, and CryptoVizArt published a blog post about the Solana market.

These market analysts found that Solana has had a positive net capital inflow since early September 2023, peaking at $776 million per day, using the Net Realized Profit/Loss indicator.

The SOL market saw minimal inflows, with most of the profit-taking activity coming from coins aged 1 day-1 week, 1 week-1 month, and 6 months-12 months, showing Solana's popularity among long- and short-term investors.

This MVRV ratio helps set price bands for investor profitability. Solana is moving sideways between the mean MVRV and +0.5 standard deviation, according to Glassnode.

This shows the Solana market is hot but not quite bullish. Because cryptocurrency MVRV breaks of +1 standard deviation have historically foreshadowed longer-term macro tops.

Solana has the ability to make a lot of money before entering an overheated zone that may precede a market downturn.

Glassnode states that cryptocurrency has been a lucrative crypto asset and provides additional Solana market information.

In the two years from its November 2022 price fall to $9.64, Solana has gained over 2,143%. Since the FTX exchange crashed, the cryptocurrency has surpassed Bitcoin and Ethereum on 344 of 727 trading days, suggesting market demand and interest.

Solana is now trading at $194.58, down 0.50% today. The asset is worth $9.94 billion and has an 18.94% trading volume increase.

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