Analytics firm Glassnode claims that Solana (SOL)’s momentum on the monthly time frame is decreasing compared to Bitcoin (BTC) and Ethereum (ETH).
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The company highlights the monthly percentage change in the cap achieved for each of the three assets.
“This measure acts as an indicator of the rate and direction of capital inflows or outflows for these assets.
During the recent market downtrend, the monthly rate of change of the realized cap for SOL has dipped below BTC and ETH.
This indicates a faster decline in Solana’s momentum compared to the other two assets.
Current monthly ceiling change (%/30D):
• BTC: +10.87%
• ETH: +5.43%
• SOL: +2.19%.
But Glassnode noted earlier this week that Solana has maintained positive net capital inflow since early September 2023, with only minor periods of outflows.
“This sustained influx of liquidity helped drive growth and price appreciation, reaching a remarkable record inflow of $776 million in new capital per day.”
SOL is trading at $186.12 at the time of writing. The sixth crypto asset is down more than 1.5% in the last 24 hours.
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