The post Solana Capital Trends Indicate Resurgence Amid SOL ETF Launch appeared on BitcoinEthereumNews.com.

According to Glassnode data, Solana has rebounded significantly from a low of $9.64, rising 2,143% over two years, and has outperformed both Bitcoin and Ethereum since its cycle low in November 2022. Solana is currently trading at $199, with the Relative Strength Index below 40, indicating weakness and potentially oversold conditions. Recent data from Glassnode reveals that following a sharp decline to $9.64, Solana has made a stunning recovery, achieving a 2,143% increase over two years. Now trading at $199, SOL has registered a 3.31% gain over the last 24 hours. Nonetheless, this gain occurs amid bearish sentiment, as the Relative Strength Index (RSI) sits below 40, suggesting underlying weaknesses and a potential oversold state. Emerging as a standout platform in the cryptocurrency sector, Solana is recognized for its speed, scalability, and cost-effective transactions. However, it faces the challenge of regaining the bullish momentum it enjoyed in November when it reached its all-time high of $263.96. Following its association with FTX and the aftermath of that fallout, SOL’s value dropped below $100 in 2022. Nevertheless, renewed excitement surrounding ETF filings and analysis from Glassnode indicate that Solana may be on the brink of significant growth. Glassnode Insights: Solana’s Current Consolidation and Market Activity Explained Glassnode’s findings highlight that, over the last 727 trading days, Solana outperformed both Bitcoin and Ethereum on 344 occasions. This impressive statistic underscores the strong demand and market interest in Solana, particularly post-FTX. The influx of capital into Solana has further bolstered its market position. Analyses of changes in Realized Cap show that, over 389 of those trading days, Solana has surpassed both Bitcoin and Ethereum, resulting in a net liquidity increase of $55 billion, positioning it favorably for potential price appreciation. As per the report, SOL is consolidating between the mean and +0.5 standard deviation,…

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Filed under: News - @ December 22, 2024 8:22 pm