Solana (SOL) Surges Past Ethereum and Binance Smart Chain in Net Transfer Volume

According to CryptoRank data, in the past 30 days, Solana processed over $28.07 billion, second only to Tether (USDT)

Solana has shot back into the limelight after outperforming Ethereum and Binance Smart Chain (BNB) in net transfer volume. According to CryptoRank data, Solana processed over $28.07 billion in the past 30 days.

Only Tether (USDT) had a higher volume with nearly $300 billion in the same period. The data underscores the deep momentum unfolding within the Solana ecosystem.

Capital Inflows Signal Growing Confidence

According to financial metrics firm Glassnode, Solana saw a $4.72 billion rise in capital inflow over the past week alone.

This brings its total active capital to $9.46 billion, the highest since March.

$SOL Hot Capital reached $9.46B on 28 Apr – its highest since 12 Mar.

Over the past 7 days, it increased by $4.72B (+100%). This is the largest 7-day increase in SOL hot capital since 23 Jan, when it rose by $4.75B.

Follow the link to read more: https://t.co/ZJAVncqtbT pic.twitter.com/8P6itReDPl

— Glassnode (@glassnode) April 28, 2024

This marks Solana’s strongest week of capital inflows since January, suggesting that investor confidence is returning.

The uptick appears to reflect a combination of growing institutional interest and heightened retail activity.

Historically, inflow surges like this tend to precede broader growth cycles by injecting fresh liquidity and strengthening market support.

Related: Solana Surges Past $150 on High Volume; Analysts Eye $200 Price Target

Bullish Chart Breakout Hints at Price Upside

From a technical standpoint, Solana’s price action is also supporting the bullish narrative.

Chart analyst AMCryptoAlex observed that Solana has broken out of a falling wedge—a classic reversal pattern. This breakout, backed by strong volume and momentum, suggests the downtrend may have ended.

$SOL short-term downtrend is over.

It recently surpassed all other L1s and L2s combined in DEX volume, which shows its immense utility.

Along with that, multiple companies are also raising funds to buy $SOL, which will further add demand.

I think $SOL could hit $170-$180 in the coming weeks. If the buyers manage to push the price above $180, then we could see new all-time highs as early as Q3.

Those who bought $SOL at $30 in 2020 are now sitting on 5x+ returns. But there's potential for even bigger gains in the long term as the blockchain sector continues to grow.

At the moment, the correlation between Bitcoin and altcoins is still high, so any major decline in Bitcoin could stall the recovery in the altcoin market. However, if Bitcoin manages to stay above $70,000, then we could see altcoins continue their upward trend.

Those who are interested in learning more about technical analysis and cryptocurrency trading can follow my Telegram channel: t.me/AMCryptoAlex. In my channel, I provide daily market updates, technical analysis, and trading tips. I also host regular live trading sessions where you can interact with me directly and ask any questions you may have.

Join my Telegram channel today to take your cryptocurrency trading to the next level!

—" AMCryptoAlex (@AMCryptoAlex) May 1, 2024

This marks a significant turning point for Solana, especially considering its role as a leading smart contract platform.

As of press time trading at around $147.59, Solana is eyeing short-term targets between $170 and $180. If bullish sentiment holds, new highs could emerge as early as Q3.

Solana's market capitalization currently stands at $76.4 billion, with a circulating supply of 520 million SOL. Despite a slight 0.44% daily dip and a 3.27% weekly decline, the broader outlook appears to be strengthening.

With rising inflows and a confirmed technical breakout, Solana is now seen as a challenger in the Layer 1 space, not just in terms of transactions but also in developer traction and capital velocity.

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