Glassnode Reports Solana (SOL) Transfer Volume Saw A Massive Spike

Glassnode reports Solana (SOL) transfer volume saw a massive spike in one single day surpassing the crypto’s total market cap.

Recent data from crypto analytics firm Glassnode reveals a significant spike in transfer volume on the Solana blockchain, reaching levels far exceeding the total market capitalization of SOL.

On a single day, Solana recorded a whopping $224 billion in transfer volume, nearly three times its market cap, which is approximately $78 billion at the time.

Glassnode attributes this surge to a highly active wallet that appears to be using multiple accounts, likely an arbitrage bot.

This wallet increased its activity in early October, which may have contributed to the recent rise in transaction fees that many users have noted.

As of now, SOL is trading at $188.33, marking a more than 13.13% increase in the last 24 hours.

Raoul Pal, CEO of Real Vision, believes that if SOL can maintain $185 as a support level, it could signal a significant upward trend for the broader cryptocurrency market as it enters a potentially explosive phase.

Pal, a former Goldman Sachs executive, suggests that a major uptrend may be on the horizon as SOL and other cryptocurrencies begin to form breakout patterns.

He remains cautiously optimistic, stating, “Hopefully we can break through these levels and move forward.

I’m not buying or selling right now, just watching the market phases.

For me, SOL breaking $185 would confirm the start of a new phase, especially since we’ve all been somewhat mentally fatigued by previous range failures.”

Recently, an analyst has predicted a massive Solana rally to $4,500.

They highlighted the formation of a “cup-and-handle” pattern on Solana’s price chart, a bullish signal indicating that the asset has completed its correction phase and is ready for a significant upward move.

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Also Read: Solana Is Now About To Get Flooded With Massive Liquidity

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