• 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

Bitcoin Longterm Holders Cashing In on Price Rally

chest

Longterm Bitcoin holders are realizing significant profits as the price surges past $80,000, with profits exceeding $209 million per hour at the peak of the selloff.

user avatarMaya Lundqvist

Garlinghouse Advocates for Multichain Future

chest

Garlinghouse warns against chain maximalism and promotes a multichain approach for the crypto industry.

user avatarLeo van der Veen

BTQ Technologies Chosen for South Korea's First Bank-led KRW Stablecoin Project

chest

BTQ Technologies has been selected as the core security infrastructure provider for South Korea's first bank-led Korean Won stablecoin proof-of-concept.

user avatarLi Weicheng

Western Union Introduces USDPT Stablecoin to Enhance Digital Payments

chest

Western Union has launched USDPT, a US dollar-backed stablecoin, to enhance digital payments for 130 million people in Bolivia and the Philippines.

user avatarAisha Farooq

Zcash Surges to New High as Institutional Interest Grows

chest

Zcash (ZEC) has surged to a new year-to-date high of 590, driven by significant institutional investment from Multicoin Capital.

user avatarTenzin Dorje

Sabadell Joins European Banking Consortium for Stablecoin Initiative

chest

Spanish bank Sabadell has joined the Qivalis consortium aimed at launching a Europe-pegged stablecoin.

user avatarBayarjavkhlan Ganbaatar

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.