{"id":19930,"date":"2024-12-26T17:41:04","date_gmt":"2024-12-26T15:41:04","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-and-solana-trading-volumes-hit-record-highs\/"},"modified":"2024-12-26T17:41:04","modified_gmt":"2024-12-26T15:41:04","slug":"bitcoin-and-solana-trading-volumes-hit-record-highs","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-and-solana-trading-volumes-hit-record-highs\/","title":{"rendered":"Bitcoin and Solana Trading Volumes Hit Record Highs"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Solana&#8217;s turnover in November reached a record $243 billion.<\/li>\n<li>The blockchain has taken a leading position with 132 million active users.<\/li>\n<li>An expert noted the formation of a &#8220;bullish pullback&#8221; pattern as an entry point for long positions.<\/li>\n<\/ul>\n<\/div>\n<p>In November, Bitcoin and Solana trading volumes reached record highs of $2.2 trillion and $243 billion, respectively. Ethereum&#8217;s volume rose to $1.1 trillion, which is 50% below its peak in 2021, according to Token Terminal.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: Monthly trading volume for BTC and SOL is at all-time highs, ETH is still down ~50% from its &#8217;21 peak.<\/p>\n<p>Trading volumes for BTC, ETH, and SOL in November &#8217;24 were $2.2 trillion, $1.1 trillion, and $243 billion, respectively. <a href=\"https:\/\/t.co\/eCj1rUdm7T\">pic.twitter.com\/eCj1rUdm7T<\/a><\/p>\n<p>\u2014 Token Terminal (@tokenterminal) <a href=\"https:\/\/twitter.com\/tokenterminal\/status\/1869832438899212639?ref_src=twsrc%5Etfw\">December 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Solana&#8217;s average weekly volumes exceeded the 2021 peak by 46%, while Bitcoin and Ethereum metrics remain below the previous bull run levels.<\/p>\n<p>Solana&#8217;s turnover is about 20% of Ethereum&#8217;s figure, mirroring the similar proportion of the two assets&#8217; market capitalizations.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1379.webp\" alt=\"1-1379\" class=\"wp-image-248700\"\/><figcaption class=\"wp-element-caption\">Data: Token Terminal.<\/figcaption><\/figure>\n<p>In terms of fees, Ethereum&#8217;s share in November was 18% (61% in 2021), while Solana&#8217;s was 18.5% (0.2%).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"758\" height=\"1024\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-990-758x1024.png\" alt=\"2-990\" class=\"wp-image-248701\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-990-758x1024.png 758w, https:\/\/u1f987.com\/wp-content\/uploads\/2-990-222x300.png 222w, https:\/\/u1f987.com\/wp-content\/uploads\/2-990-768x1038.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-990.png 948w\" sizes=\"auto, (max-width: 758px) 100vw, 758px\" \/><figcaption class=\"wp-element-caption\">Data: Token Terminal.<\/figcaption><\/figure>\n<p>Solana has taken a leading position with 132 million active users. Compared to November 2021, this figure has jumped by 81 million, doubling the combined value of all blockchains at that time.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-556.webp\" alt=\"3-556\" class=\"wp-image-248706\"\/><figcaption class=\"wp-element-caption\">Data: Token Terminal.<\/figcaption><\/figure>\n<p>In December, on-chain metrics have weakened.<\/p>\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" data-id=\"248704\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-350.webp\" alt=\"4-350\" class=\"wp-image-248704\"\/><figcaption class=\"wp-element-caption\">Solana network fee dynamics. Data: <a href=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/solana\" title=\"\">The Block<\/a>.<\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/solana\"><img decoding=\"async\" data-id=\"248705\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-219.webp\" alt=\"5-219\" class=\"wp-image-248705\"\/><\/a><figcaption class=\"wp-element-caption\">Dynamics of active addresses in the Solana blockchain (7 DMA). Data: <a href=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/solana\" title=\"The Block\">The Block<\/a>.<\/figcaption><\/figure>\n<\/figure>\n<h2 class=\"wp-block-heading\"><strong>Glassnode&#8217;s Perspective<\/strong><\/h2>\n<p>Glassnode noted the resilience of Solana&#8217;s net inflow since September 2023. Previously, the daily value reached a record $776 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We observe that <a href=\"https:\/\/twitter.com\/hashtag\/Solana?src=hash&#038;ref_src=twsrc%5Etfw\">#Solana<\/a> has consistently maintained a positive net capital inflow since early September 2023, with only minor outflows during this period. <\/p>\n<p>This sustained influx of liquidity has assisted in stimulating growth and price appreciation, achieving a remarkable peak\u2026 <a href=\"https:\/\/t.co\/ypuwTdhrmc\">pic.twitter.com\/ypuwTdhrmc<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1871594419541131484?ref_src=twsrc%5Etfw\">December 24, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the analysis of realized profit by &#8220;age&#8221; of coins, about 51.6% of the total volume is attributed to coins acquired in three time ranges: from one day to a week, from a week to a month, and from six months to a year.<\/p>\n<p>Experts believe this indicates Solana&#8217;s perception as an investment opportunity for all market participants.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-161.webp\" alt=\"6-161\" class=\"wp-image-248707\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The sharp recovery in Solana&#8217;s price after the FTX collapse reflected a significant influx of new funds into the asset.<\/p>\n<p>Since December 2022, when Solana hit its low, its 30 <span data-descr=\"day moving average \" class=\"old_tooltip\">DMA<\/span> of relative change in realized capitalization has outperformed Bitcoin and Ethereum in 389 out of 727 trading days.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-102.webp\" alt=\"7-102\" class=\"wp-image-248708\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The realized capitalization indicator for inflows active in the last seven days for Solana has surpassed Ethereum for the first time in history. This underscores the asset&#8217;s strong demand profile, according to Glassnode.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/8-73.webp\" alt=\"8-73\" class=\"wp-image-248709\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>In conclusion, experts analyzed the asset&#8217;s &#8220;overheating&#8221; based on the MVRV ratio.<\/p>\n<p>This serves to determine price ranges that indicate extreme divergences in investor returns from the long-term average. Historically, breakthroughs above one standard deviation coincide with long-term peaks.<\/p>\n<p>Currently, the price is consolidating between the average and the +0.5 standard deviation range. This suggests opportunities for the continuation of the bull run.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/9-56.webp\" alt=\"9-56\" class=\"wp-image-248710\"\/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Technical Outlook<\/strong><\/h2>\n<p>CoinDesk analyst <a href=\"https:\/\/www.coindesk.com\/markets\/2024\/12\/24\/sols-evolving-throwback-pattern-makes-it-enticing-for-breakout-traders-godbole\">Omkar Godbole<\/a> reported the emergence of a &#8220;bullish pullback&#8221; pattern.<\/p>\n<p>This formation is seen as a low-risk trading opportunity for breakout traders.<\/p>\n<p>In financial markets, the best entry point often appears briefly and can be easily missed. Currently, Solana &#8220;offers a timely second chance for those who missed the bullish breakout.&#8221;<\/p>\n<p>Since December 23, the rate has risen by more than 7% to $193, rebounding from former resistance turned support.<\/p>\n<p>This line, connecting the March and July highs, along with the line drawn through the April and August lows, formed a large descending channel that remained relevant from March to October.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/10-35.webp\" alt=\"10-35\" class=\"wp-image-248711\"\/><figcaption class=\"wp-element-caption\">Data: CoinDesk.<\/figcaption><\/figure>\n<p>In early November, quotes broke out of the range, confirming a bullish trend. The price quickly rose to above $260, followed by a pullback to the breakout point.<\/p>\n<p>The specialist emphasized that the signal will lose relevance if the rate falls back into the channel.<\/p>\n<p>Earlier, CEO of Two Prime Digital Assets Alexander Blum predicted the launch of a SOL-ETF by the end of 2025.<\/p>\n<p>On November 21, CBOE submitted relevant applications to the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> from VanEck, 21Shares, Canary Funds, and Bitwise Asset Management.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana&#8217;s turnover in November reached a record $243 billion. The blockchain has taken a leading position with 132 million active users. An expert noted the formation of a &#8220;bullish pullback&#8221; pattern as an entry point for long positions. In November, Bitcoin and Solana trading volumes reached record highs of $2.2 trillion and $243 billion, respectively. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[46,1273,1150,1268,1159,1253],"class_list":["post-19930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethereum","tag-glassnode","tag-news-plus","tag-on-chain-analysis","tag-solana-sol","tag-technical-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"63","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=19930"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/19929"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=19930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=19930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=19930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}