Data on the chain shows that Solana has recently seen a reversal of capital flows as assets are now receiving inflows at the same rate as XRP.
Solana
In a new post on X, the chain analytics firm GlassNode talks about how the trend of recently implemented CAP has changed Solana. The “implementation cap” here refers to calculating the total value of a given cryptocurrency by assuming that the “real” value of each token is the same as its previous transaction price.
The final transfer of any coin may represent the last point of its change of hand, so the price at that time can be considered as the current cost basis. Therefore, the achieved upper limit is nothing, but the sum of the sum of the cost base banks of asset revolving supply.
In other words, the model tells us the total amount of capital used by investors or the entire network to aggregate their holdings. Therefore, according to the direction of change, the change in the cap realized indicates a capital inflow or outflow.
Now, here is a chart of metrics shared by the analytics companies showing how the 30-day percentage changes between Solana and XRP over the past few months:
The value of the metric seems to have been positive for both of these assets in recent days | Source: Glassnode on X
As the chart above shows, both Solana and XRP’s 30-day changes declined earlier this year as the market-wide downturn continues, but for the latter it remains mostly within active territory.
Saul wasn’t so lucky because the indicator turned negative and stayed in the territory for several months, indicating that investors have been pulling capital out of cryptocurrency.
However, recently, the network appears to have been flipped again as the 30-day change in the realized hat is back in the positive zone. The current coin inflow rate is 4-5%, which is consistent with the witness rate of XRP.
So it seems that the demand for the Solana ecosystem has disappeared for a while, but it finally made a potential return, a big enough to compete with XRP.
Sol Price
Solana saw a breakout of more than $180 earlier this week, but the coin appears to have suffered a pullback as its price recovers now back at $170.
The trend in the SOL price over the last five days | Source: SOLUSDT on TradingView
iStock.com, featured images of glassnode.com, charts of TradingView.com
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