Recently, the transfer volume on Solana’s blockchain has surged and reached multiple times the total SOL Glassnode’s crypto analysis firm, Glassnode.
Glassnode notes SOL recorded $224 Billion in transfer volume on a single business day. That’s nearly 3 times more than the current market value of $78 Billion.
The firm’s explanation
“This surge was driven by a high-activity wallet using multiple accounts. This wallet, likely an arbitrage bot, ramped up activity in early October and was likely responsible for the recent fee increases many were discussing.”
SOL was trading for $185.98 as of the time this article is written. Market cap-wise, the 5th most valuable crypto asset has increased by more than 16.1% over the past day.
Raoul Pal, CEO of Real Vision believes that if SOL is able to turn $185 in support it will be a sign for the crypto market as a whole entering its most explosive phase.
Goldman Sachs’ former executive says SOL appears to have breakout patterns, as do other digital assets.
“Hopefully we can break all these levels and get on with our lives. I’m not buying or selling, just observing market phases. SOL breaking $185 is enough for me to confirm the fruit phase (we are all a bit mentally burned by the range failures over the last months hence caution).”
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Source: dailyhodl.com
