The on-chain analytics firm Glassnode has revealed the reason why Solana (SOL) has recently been lagging behind Bitcoin (BTC) and Ethereum (ETH).
Solana Realized Cap Growth Has Slowed Down Recently
In a new post on X, Glassnode has discussed about how the recent performance of Solana has stacked up against the two largest coins in the sector. “Looking at price performance, SOL outpaced both ETH and BTC for most of Q4 2024,” notes the analytics firm. “However, since early December, ETH has taken the lead, outperforming the other two assets.”
As it stands right now, Bitcoin is up around 18% over the past month, Ethereum 28%, and Solana 3%. Thus, SOL has clearly fallen off after being the market leader just earlier.
What could be behind this shift in the market? The answer to the question could lie in the capital flows that these cryptocurrencies have recently been observing.
In order to estimate the capital flows for the assets, Glassnode has made use of the Realized
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