According to cryptocurrency analysis company Glassnode, the volume of transactions on the Solana blockchain has recently exploded, surging several times more than the entire SOL market capitalization.
Glassnode reported that SOL recorded $224 billion worth of transfer volume in a single day, which is nearly three times the asset’s market capitalization of approximately $78 billion at the time of this writing.
Describe the company,
“This surge was driven by highly active wallets using multiple accounts. This wallet, believed to be an arbitrage bot, saw increased activity in early October and is likely responsible for the recent fee increase discussed by many.”
SOL is trading at $185.98 at the time of this writing. The fifth-largest cryptocurrency asset by market capitalization rose more than 16.1% in the past 24 hours.
Real Vision CEO Raoul Pal believes that if SOL moves $185 into support, it could act as a beacon for the broader cryptocurrency market entering the most explosive phase of the cycle.
A former Goldman Sachs executive said a massive cryptocurrency uptrend could soon begin as SOL and other digital assets appear to be showing breakout patterns.
“I hope we can break all these levels and move on with our lives. I am not buying or selling, just observing the market phases. A break of SOL above $185 would be enough to confirm the fruition phase (be careful as we are all mentally exhausted from the range failures of the last few months).”
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