Blockchain analytics firm Glassnode has reported that Solana’s (SOL) performance on a monthly scale appears to be losing momentum compared to Bitcoin (BTC) and Ethereum (ETH).
The firm used the Realized Cap metric, which tracks the price at which coins were last transacted, to assess the profitability of holders and the direction of capital flow.
Glassnode highlighted that the monthly percentage change in realized cap reveals noticeable differences in momentum among the three assets. During recent market downturns, Solana’s realized cap has declined more significantly than Bitcoin’s or Ethereum’s, signaling a slower rate of capital inflow for SOL compared to the leading cryptocurrencies. Currently, Bitcoin shows a 10.87% increase, Ethereum a 5.43% rise, while Solana lags with just a 2.19% growth.
However, despite the recent slowdown, Glassnode noted that Solana has maintained positive net capital inflows since early September 2023, with only brief periods of outflow. These sustained inflows have fueled price appreciation, with the network at one point recording a peak of $776 million in daily new capital.
At the time of writing, Solana is priced at $186.12, making it the sixth-largest cryptocurrency by market cap. However, it has experienced a slight decline of over 1.5% in the past 24 hours.
