Solana is witnessing ‘declining momentum’ compared to Bitcoin and Ethereum, according to Glassnode – here’s why

Analytics agency Glassnode says Solana (SOL)’s momentum is declining on the month-to-month time-frame in comparison with Bitcoin (BTC) and Ethereum (ETH).

On the social media platform X, Glassnode investigates the Realized Cap metric, which information the worth at which every coin final moved and goals to gauge what number of holders are making a revenue or loss.

The corporate highlights the month-to-month proportion change in realized cap for every of the three property.

“This measure acts as an indicator of the speed and route of capital inflows or outflows for these property.

Through the current market downtrend, the month-to-month price of change in realized restrict for SOL has fallen beneath each BTC and ETH.

This means a quicker decline in momentum for Solana in comparison with the opposite two property.

Present month-to-month realized restrict change (%/30D):

• BTC: +10.87%
• ETH: +5.43%
• SOL: +2.19%.”

However Glasnode noted earlier this week, Solana reported optimistic internet capital inflows since early September 2023, with solely minor episodes of outflows.

“This continued inflow of liquidity has helped gasoline development and value appreciation, attaining a exceptional peak influx of $776 million in new capital per day.”

SOL is buying and selling at $186.12 on the time of writing. The sixth-ranked crypto asset is down greater than 1.5% prior to now 24 hours.

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Generated picture: Midjourney