• 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

Bitwise Launches First US Spot Solana ETF Amid SEC Shutdown

chest

Bitwise Asset Management has launched the first US spot Solana ETF, BSOLP, attracting over $420 million in its first week during the SEC shutdown.

user avatarLuis Flores

USDe Achieves Rapid Acceptance as Collateral on Major Exchanges

chest

Ethena's USDe has rapidly achieved acceptance as collateral on major exchanges like Binance and Bybit in less than two years since its launch.

user avatarDavid Robinson

Ethena Protocols Achieves Over $600 Million in Revenue

chest

Ethena Protocols has reported generating over $600 million in revenue since its launch, showcasing its impressive growth in the synthetic dollar market.

user avatarArif Mukhtar

Multicoin Capital Makes Strategic Investment in Ethena Protocols ENA Token

chest

Multicoin Capital announces a strategic investment in Ethena Protocols' ENA token, reinforcing confidence in the synthetic dollar USDe.

user avatarMaria Gutierrez

Experts Call for Enhanced Cybersecurity Frameworks Post Anthropic Incident

chest

Experts are calling for enhanced cybersecurity frameworks to address AI-led cyber aggression following the Anthropic incident.

user avatarAndrew Smith

Anthropic Discovers First AI-Driven Cyber Espionage Attack

chest

Anthropic has revealed a major AI-driven cyber espionage attack, highlighting the risks of autonomous AI threats and prompting calls for enhanced security measures.

user avatarJacob Williams

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.