Solana MVRV Signals More Gains Ahead Amid Market Downturn: Analysts

Name	Symbol	Market	Market Cap ($)	Algorithm
Flow	FLOWUSD	Crypto	602,029,487	Unknown

Name

Symbol

Market

Market Cap ($)

Algorithm

Flow

FLOWUSD

Crypto

602,029,487

Unknown

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.008	2.13%	0.384	0.383	0.384

Price Change

Price Change %

Current Price

Bid Price

Offer

0.008

2.13%

0.384

0.383

0.384

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.388	0.356	0.376	0.376	0.370000 - 1.70

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.388

0.356

0.376

0.370000 - 1.70

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:45:30	669.77	0.384	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:45:30

669.77

0.384

USD

Price x Volume	Volume	Base Symbol	Related Pairs
141,778.07	380,763.40	FLOW	FLOWEUR	FLOWGBP	FLOWBTC

Price x Volume

Volume

Base Symbol

Related Pairs

141,778.07

380,763.40

Solana MVRV Signals More Gains Ahead Amid Market Downturn: Analysts

21/12/2024 7:30pm

NEWSBTC

Amid a crypto market mayhem over the past week, Solana (SOL) has suffered significant losses to the tune of 17.13%,. according to data from CoinMarketCap. This decline adds to the token’s steep price movement after it reached a new all-time high of $263.83 following the US Presidential elections in November. However, with the crypto bull cycle still in its early stages, analysts at Glassnode remain positive on the token’s ability to regain its bullish form despite not establishing any higher highs in the past three weeks. Related Reading: Solana Holds Monthly Support As Network Activity Grows – Time For A Breakout? More Room For SOL Price Growth, Analysts Say In a recent blog post on December 20, Glassnode in collaboration with crypto analysts UkuriaOC and CryptoVizArt shared vital insights on the current state of the Solana market. By analyzing the Net Realized Profit/Loss metric, these market experts discovered that Solana has experienced a positive net capital inflow since early September 2023, with a recorded peak inflow of $776 million of new capital per day. During this period, the SOL market witnessed minor inflows with the majority of the profit-taking volume coming from coins aged 1 day-1 week, 1 week-1 month, and 6 months-12 months, demonstrating the endearment of Solana to both long and short-term holders. To ascertain the status of Solana amidst these recent market activity, Glassnode employs the MVRV ratio to determine if the market is overheated. For context, the Market Value To Realized Value (MVRV) ratio is used to assess if an asset is potentially overvalued (>1) or undervalued (<1). This MVRV ratio can be used to establish pricing bands that classify investors’ profitability into ranges. Using this setup, Glassnode observes that Solana is currently observing a sideways movement between the mean MVRV and +0.5 standard deviation range. This development indicates the Solana market is quite heated but still far from a bull cycle top. This is because MVRV breakouts of +1 standard deviation have historically signaled when the altcoin forms a longer-term macro topping formation. Therefore, Solana still has the potential to record much profit before entering an overheated zone that will likely precede a market downtrend. Related Reading: Solana Bull Flag Signals A Breakout To $300 – Analyst Shares Key Levels Solana A Stellar Investment So Far – Glassnode In addition to more insights on the Solana market, Glassnode notes that altcoin has proven to be a highly profitable asset in the crypto market. Following its price crash to $9.64 in November 2022, Solana has experienced a remarkable price gain of over 2,143% over the past two years. During this period, the altcoin has outperformed both Bitcoin and Ethereum on 344 out of 727 market days since the FTX exchange collapsed indicating significant market demand and interest. At the time of writing, Solana trades at $194.58 reflecting a price loss of 0.50% in the past day. However, the asset’s trading volume is up by 18.94% and is valued at $9.94 billion. Featured image from MoneyCheck, chart from Tradingview

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

FLOWUSD Flow