Analysis firm Glassnode said Solana’s (SOL) monthly momentum is weakening compared to Bitcoin (BTC) and Ethereum (ETH).
Glassnode, on social media platform
The company points to monthly percentage changes in realization limits for each of the three assets.
“This indicator serves as an indicator of the rate and direction of capital inflows or outflows to that asset.
During the recent market downturn, SOL’s monthly realized limit change rate fell below both BTC and ETH.
This indicates that Solana’s momentum declines faster compared to the other two assets.
Current monthly realized limit change (%/30D):
• BTC: +10.87%
• ETH: +5.43%
• SOL: +2.19%.”
However, Glassnode noted earlier this week that Solana has maintained positive net capital inflows since early September 2023, except for a period of minor outflows.
“These ongoing liquidity inflows have helped drive growth and price appreciation, reaching an incredible high of $776 million in new capital inflows per day.”
SOL is trading at $186.12 at the time of this writing. The sixth-largest cryptocurrency asset is down more than 1.5% in the last 24 hours.
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