Solana sees another surge in the destruction of coin day, will the price transfer happen next?
Growing bearish market performance seems to be severely affected Solana’S price action, causing Altcoin to resist key support levels after a period of bullish action. In view of the general decline in price performance, signs of profits began to emerge as SOL’s witnesses were destroyed as the massive surge in coin day was destroyed.
Coin Day destroyed Solana
Solana’s current bearish trend has triggered a significant shift in its chain dynamics. After this period of decay, the recent massive surge in the coin period was destroyed because Report By X.
Destroyed Coin Day (CDD) is a key indicator that measures the movement of coins by weighting transactions based on the time-weighted transactions held by these assets. Therefore, the huge uplift signal of the metric system has caused a major movement to control coins for a long time.
Additionally, the development points out that long-dormant wallets or strategic readjustment of experienced investors may make money. If this trend persists, it may Solana’s price trajectory.
According to Chain Chain Platform, Solana has destroyed coins to date (YTD) to reach about 3.55 billion on Tuesday, marking its third largest soar since the beginning of the year.
At previous peaks, daily coin destruction increased sharply to 5.53 billion sol February 26, currently the largest so far this year. Meanwhile, the second largest surge in the era of coin destruction was recorded on March 3, reaching about 4.64 billion shots. GlassNode notes that these consistent spikes hint at a shift in holders’ beliefs as Sol Price strives to restore upward momentum.
As previous large-scale spikes increase volatility, SOL’s price drops It may be extended in the next few weeks. The continuation of ongoing volatility periods may trigger the distribution between these wallets, driven by the technological flash of the mean reduction and the average oversold setup.
SOL’s network fundamentals show strength
Despite the huge growth in the coin era, Solana Network The activity is still very strong. Solana Post is a useful platform on X, public The network is bending its strength, always exceeding the active address of all other chains and the number of transactions processed in a day.
Data from the platform shows that the daily activity wallet addresses on the Internet have increased to 7 million, while the number of daily transactions exceeds 100 million. This notable performance can be attributed to the low transaction costs and fast throughput of the network, which continues to attract users and developers. Sol has higher user engagement, surpassing all other major chains, I highlightTS’ dominance in blockchain is growing activities to consolidate its position as a leading network.
Featured images from Adobe Stock, charts from TradingView.com
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