SOL recently experienced a significant increase in on-chain transfer volume, reaching a peak of about $224 billion in just one day.
recently experienced a significant increase in on-chain transfer volume, reaching a peak of about $224 billion in just one day. This volume was nearly three times the entire market cap of SOL, which stood at $76 billion.
The declining price contrasted with the spike in on-chain activity, puzzling some investors who expected a positive reaction to the high volume.However, the global long positions increased even as Solana’s price dipped, which might indicate a shift in sentiment among traders. Traders are anticipating a potential turnaround for SOL, using the opportunity to go long during the price decline.
The correlation matrix showed a value of -0.89, meaning the price and the number of long accounts usually moved in opposite directions. If Solana manages to sustain the interest generated by the high on-chain volume and effectively leverage that activity, a price recovery could very well be on the cards.
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