{"id":666126,"date":"2024-12-21T19:30:39","date_gmt":"2024-12-21T19:30:39","guid":{"rendered":"https:\/\/uniquehot.com\/?p=666126"},"modified":"2024-12-21T06:54:47","modified_gmt":"2024-12-21T06:54:47","slug":"solana-mvrv-signals-more-gains-ahead-amid-market-downturn-analysts","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-mvrv-signals-more-gains-ahead-amid-market-downturn-analysts\/","title":{"rendered":"Solana MVRV Signals More Gains Ahead Amid Market Downturn: Analysts"},"content":{"rendered":"

Amid a crypto market mayhem<\/a> over the past week, Solana (SOL) has suffered significant losses to the tune of 17.13%,. according to data from CoinMarketCap.\u00a0<\/span><\/p>\n

This decline adds to the token\u2019s steep price movement<\/a> after it reached a new all-time high of $263.83 following the US Presidential elections in November. <\/span>However, with the crypto bull cycle still in its early stages, analysts at Glassnode remain positive on the token\u2019s ability to regain its bullish form despite not establishing any higher highs in the past three weeks.
\n<\/span><\/p>\n

Related Reading: Solana Holds Monthly Support As Network Activity Grows \u2013 Time For A Breakout?<\/a><\/div>\n

More Room For SOL Price Growth, Analysts Say<\/strong><\/h2>\n

In a recent blog post<\/a> on December 20, Glassnode in collaboration with crypto analysts UkuriaOC and CryptoVizArt shared vital insights on the current state of the Solana market.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

To ascertain the status of Solana amidst these recent market activity, Glassnode<\/a> 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)\u00a0 or undervalued (<1).\u00a0<\/span><\/p>\n

This MVRV ratio can be used to establish pricing bands that classify investors\u2019 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.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

Therefore, Solana still has the potential to record much profit before entering an overheated zone that will likely precede a market downtrend.
\n<\/span><\/p>\n

Related Reading: Solana Bull Flag Signals A Breakout To $300 \u2013 Analyst Shares Key Levels<\/a><\/div>\n

Solana A Stellar Investment So Far – Glassnode<\/strong><\/h2>\n

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.\u00a0<\/span><\/p>\n

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.\u00a0<\/span>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.<\/span><\/p>\n

At the time of writing, Solana trades at $194.58 reflecting a price loss of 0.50% in the past day. However, the asset\u2019s trading volume is up by 18.94% and is valued at $9.94 billion.<\/p>\n

\"Solana\"
SOL trading at $195 on the daily chart | Source: SOLUSDT chart on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from MoneyCheck, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0 This decline adds to the token\u2019s 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\u2019s 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 \u2013 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.\u00a0 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.\u00a0 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)\u00a0 or undervalued (<1).\u00a0 This MVRV ratio can be used to establish pricing bands that classify investors\u2019 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.\u00a0 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.\u00a0 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 \u2013 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.\u00a0 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.\u00a0During 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\u2019s trading volume is up by 18.94% and is valued at $9.94 billion. Featured image from MoneyCheck, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":666128,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[61309,92061,83626,93745,86410,83627],"class_list":["post-666126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-glassnode","tag-sol-market","tag-solana","tag-solana-mvrv-ratio","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nSolana MVRV Signals More Gains Ahead Amidst Market Downturn: Glassnode<\/title>\n<meta name=\"description\" content=\"Analysts at Glassnode remain positive on Solana ability to regain its bullish form despite not establishing any higher highs in the past three weeks.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/uniquehot.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana MVRV Signals More Gains Ahead Amid Market Downturn: Analysts","url":"http:\/\/uniquehot.com\/news\/solana\/solana-mvrv-signals-more-gains-ahead-amid-market-downturn-analysts\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/solana\/solana-mvrv-signals-more-gains-ahead-amid-market-downturn-analysts\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/12\/IMG_5552.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/12\/IMG_5552.jpeg?fit=1200%2C784"},"articleSection":"Solana","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["glassnode","sol market","solana","solana mvrv ratio","solusd","solusdt"],"dateCreated":"2024-12-21T19:30:39Z","datePublished":"2024-12-21T19:30:39Z","dateModified":"2024-12-21T19:30:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana MVRV Signals More Gains Ahead Amid Market Downturn: Analysts\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/solana\\\/solana-mvrv-signals-more-gains-ahead-amid-market-downturn-analysts\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/solana\\\/solana-mvrv-signals-more-gains-ahead-amid-market-downturn-analysts\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/IMG_5552.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/IMG_5552.jpeg?fit=1200%2C784\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"glassnode\",\"sol market\",\"solana\",\"solana mvrv ratio\",\"solusd\",\"solusdt\"],\"dateCreated\":\"2024-12-21T19:30:39Z\",\"datePublished\":\"2024-12-21T19:30:39Z\",\"dateModified\":\"2024-12-21T19:30:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/12\/IMG_5552.jpeg?fit=1200%2C784","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/666126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=666126"}],"version-history":[{"count":5,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/666126\/revisions"}],"predecessor-version":[{"id":666174,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/666126\/revisions\/666174"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/666128"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=666126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=666126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=666126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}