Solana (SOL) Sees Persistent Positive Inflows after September 2023

Glassnode mentioned that Solana has continuously sustained a positive momentum over the past months since last year's September.

Solana (CRYPTO: SOL) has been seeing persistent positive inflows and price appreciation in $SOL since September last year, according to data from blockchain data intelligence platform Glassnode.

Solana Sees Persistent Positive Inflows After September 2023

Solana has continuously sustained a positive capital flow over the past months since last year’s September, Glassnode noted. The prominent crypto token has only seen some minor outflows throughout the respective period.

In this regard, it also achieved a staggering inflow peak at $776 million. This figure reportedly marks its new all-time high of per-day capital inflow.

Crypto Token Outcompetes ETH, BTC In Realized Cap

Solana has also been outcompeting both Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC) over the past two years, according to the report from Glassnode. The price action spike has added a great amount of new capital to the crypto asset.

Hence, from its low price level in 2022’s December, it witnessed a substantially bigger capital rise in comparison with ETH and BTC. Based on the relative Realized Cap indicator, Solana saw a huge liquidity growth during 389 trading days out of 727. With this, the net liquidity surge reached +$55 billion, which led to massive price appreciation tailwinds.

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Solana Demand Among Fresh Investors Outpaces ETH For First Time: Hot Realized Cap

Additionally, Solana’s demand among the fresh investors has also overtaken Ethereum for the first time, according to the Hot Realized Cap indicator. This highlights the crypto token’s resilient demand profile.

The sheer rise in Solana’s Hot Realized Cap before 2024’s start signified the $SOL/$ETH ratio’s upward inflexation spot. Moreover, it pointed toward the latest capital influx to push Solana’s growth.

Solana Price Consolides Despite Potential For Further Price Action

Solana’s price is currently going through a consolidation phase, according to Glassnode. This points out that the market is comparatively heated but it has potential for further price action.

Keeping in view the above-mentioned statistics, the popular crypto token has made a rapid recovery and following price appreciation. Furthermore, it has also gained remarkable capital from a broad investor distribution, including the retail and institutional investors.