In the grand theater of digital currencies, where Bitcoin and Ethereum often take center stage, a curious understudy named Solana has emerged, strutting with a resilience that would make even the most seasoned actors raise an eyebrow. š
Solana’s Hot Capital: A Cool Breeze Amidst the Crypto Storm
According to the wise sages at Glassnode, Solana has recently demonstrated a remarkable ability to weather the storm of market fluctuations, showing a smaller decline in Hot Capital than its more illustrious counterparts, Bitcoin and Ethereum. Who would have thought? š¤
Now, what is this āHot Capital,ā you ask? Itās not a trendy new cocktail, but rather an on-chain metric that tracks the recent capital flows for a given asset. Think of it as the lifeblood of the cryptocurrency ecosystem, combining the Realized Cap of two coin age rangesā24 hours and 1 day to 1 weekāto calculate its value. š¹
As the graph reveals, Ethereumās Hot Capital (the black curve, for those keeping score) spiked to dizzying heights back in December, suggesting a flood of fresh capital. But alas, like a balloon losing air, the metric has since plummeted. Compared to its December peak, new ETH demand has dropped by over 52%. Bitcoin, not to be outdone, has seen a staggering 77% drop. āMomentum has cooled sharply since December peaks,ā notes Glassnode, as if we needed reminding. š„“
Yet, amidst this cooling trend, Solana has danced to a different tune, as illustrated in the following chart:
In December, Solanaās aggregated Realized Cap of the 24-hour and 1-day to 1-week age bands stood at a robust $15.8 billion. While demand has cooled for Solana as well, the current metric sits at around $11.8 billionāa mere 25% decline. Clearly, SOL has shown more resilience than its BTC and ETH counterparts during this tumultuous period. Bravo, Solana! š
Now, the burning question remains: will this resilience be reflected in Solanaās price? Only time will tell, my friends.
SOL Price
As of this moment, Solana is trading around $172, down more than 12% over the last week. A true rollercoaster ride, wouldnāt you say? š¢
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2025-02-20 10:15