• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Solana Transfer Volume Surges Past Market Cap

user avatar

by Giorgi Kostiuk

a year ago

Crypto analytics firm Glassnode reported a massive spike in Solana's transfer volume, surpassing its total market cap.

Significant Volume Increase

On a single day, Solana recorded a $224 billion transfer volume, nearly three times its market cap, which is about $78 billion currently. Glassnode credits this spike to a highly active wallet, likely an arbitrage bot, which increased its activity in early October.

Current Market Fluctuations

Currently, SOL trades at $188.33, a 13.13% increase in the last 24 hours. Raoul Pal, CEO of Real Vision, suggests if SOL sustains $185 as a support, it could indicate a significant uptrend for the broader crypto market.

Hopefully we can break through these levels and move forward. I’m not buying or selling right now, just watching the market phases.Raoul Pal

Analysts' Predictions

Analysts predict a massive Solana rally to $4,500, noting a 'cup-and-handle' pattern on Solana’s price chart, a bullish indicator suggesting completion of its correction phase, ready for a significant upward move.

The spike in Solana's transfer volume has drawn attention to its price movements and prompted analysts to forecast future behavior of the cryptocurrency.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

FIRS Responds to Atiku's Criticism of Xpress Payments Appointment

chest

FIRS issued a rebuttal to Atiku Abubakar's criticism of the appointment of Xpress Payments Solutions, emphasizing transparency and competition in the revenue collection process.

user avatarMohamed Farouk

Atiku Abubakar Criticizes FIRS for New Revenue Collection Channel

chest

Former Nigerian Vice President Atiku Abubakar criticized the Federal Inland Revenue Service for appointing Xpress Payments Solutions Limited as a new channel for revenue collection, alleging it revives a controversial revenue cartel.

user avatarBayarjavkhlan Ganbaatar

Bitcoin Hyper Innovates with Layer2 Solution Amid Market Challenges

chest

Bitcoin Hyper is developing a dedicated Layer2 solution to enhance Bitcoin transactions, providing a faster, cheaper, and more programmable way to utilize Bitcoin amid market challenges.

user avatarElias Mukuru

Pi Coin Faces Critical Price Decision Amid Diverging Market Signals

chest

Pi Coin is facing a critical price decision as institutional wallets accumulate while retail buying strength declines.

user avatarDiego Alvarez

Chinese Tech Giants Pause Stablecoin Initiatives Amid Regulatory Concerns

chest

Major Chinese firms have paused their plans to issue private stablecoins due to regulatory concerns about monetary stability.

user avatarMaria Fernandez

On-Chain Data Indicates Possible Bottom for Ethereum

chest

Recent on-chain data suggests that Ethereum may be forming a price bottom, as indicated by the NUPL metric.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.