Can we seriously compete with king Bitcoin and its faithful Ether? Absolutely. Solana, like a daring outsider, strings together impressive performances. After a precipitous post-FTX fall, this altcoin has rebounded with dizzying growth and increased popularity among investors. Glassnode's latest study reveals astonishing numbers on Solana's crypto dominance in terms of capital inflows and trading volumes, far outpacing BTC and ETH in some niches.
Solana: figures that command respect
Since the collapse of FTX in 2022, Solana has posted an increase of more than 2,000%a feat that puts it far ahead of Bitcoin and Ethereum in price performance and trading volumes. According to the Glassnode reportSolana outperformed the two market behemoths during 344 days a weekrelying on constant activity and massive capital inflows.
Some key figures to understand the scale of the phenomenon:
- $776 million in capital coming in every day;
- An explosion in price up to a high of $263 in November 2023 ;
- More than 51% of profits made through diversified portfolios, ranging from a few days to several months of holding.
In addition, the MVRV ratio, an indicator measuring the ratio between market capitalization and realized capitalization, shows that the crypto market is still far from its extreme limits, leaving room for potential continued growth.
As Glassnode states, “ the market is relatively heated, but there is still room before investors rush to take massive profits “.
Crypto markets under its influence
The spectacular rebound in Solana's price is not based solely on raw figures: the ecosystem itself has benefited froma notable increase in blockchain activity. L'explosion of memecoin transactions in 2024 has strongly contributed to the demand for SOL, the flagship token of the ecosystem.
This dynamic not only attracted investors, but also served as a catalyst to reach unprecedented heights.
Ryan Lee, chief analyst at Bitget Research, explains in his article “ What are the i's of Solana's growth? »:
“ Pump.fun has had a significant influence on Solana's market dynamics, boosting liquidity and volatility through fee generation and SOL selloffs, while accounting for over 60% of DEX trading volume during the months of strong growth. This highlights its central role in ecosystem activity. »
Furthermore, Solana stood out by remarkable consistency. Since September 2023, its net inflows have remained positive, a sign that investor interest is not weakening. This new lease of life, fueled by growing demandreinforces Solana in its position as a leading altcoin against BTC and ETH, the latter sometimes struggling to keep up.
Finally, despite a recent loss of $1.1 billion in TVL in December, let's hope this doesn't detract from Solana's impressive run as it continues to challenge the crypto market leaders.
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