- Solana is up more than 2000% from the 2022 lows after the FTX collapse.
- SOL has surpassed both Bitcoin and Ethereum in trading volume more than a year since the crash.
- Solana has maintained a positive net capital inflow since September 2023, indicating that most token holders are in profit.
Solana (SOL) rose 6% on Monday following a report from Glassnode indicating that SOL has seen more capital growth than Bitcoin and Ethereum. Despite the big gains that suggest a relatively heated market, SOL could still extend its rally before establishing a cycle peak.
SOL surpasses Bitcoin and Ethereum with $776 million in daily capital inflows
Solana has seen incredible progress in 2024 marked by new all-time highs and increased activity on its blockchain.
Solana’s recovery has been remarkable, especially with its growth after falling to a low of $9 after the collapse of FTX in 2022. Since then, SOL has risen over 2,000%, and its price has surpassed Bitcoin and Ethereum, according to Glassnode’s report.
The report shows that Solana has outperformed the two crypto giants in 344 of the 727 trading days since the 2022 event.
BTC/SOL/ETH price performance. Source: Glassnode
Likewise, Solana witnessed greater capital inflows over the same period, using the relative change in realized capitalization as a measurement tool.
This suggests that SOL has taken on fresh capital and liquidity, indicating increased demand for the asset among investors.
Glassnode stated that this new group of investors bringing in capital is the main driver behind Solana’s growth.
A key reason for this growth in new investors is the surge in meme coin activity that the Solana blockchain has experienced over the year. As SOL served as the base currency to settle these meme coin transactions on the Solana network, strong demand pushed it to a new all-time high of $263 on November 23rd.
The report also states that Solana has maintained positive net capital inflows since September 2023, with $776 million worth of new capital per day entering its network.
In addition, Glassnode highlights the cohort of owners with the highest volume of profit acquisition since January 2023.
Tokens held 1 day-1 week, 1 week-1 month, and 6-12 months all posted gains of $13.7 billion, $14 billion, and $15.7 billion, respectively.
This means the equality of the market share between these classes of owners, which accounts for 51.6% of the total realized profit.
Furthermore, the MVRV ratio — a metric that compares market capitalization to realized capitalization — remains within a +0.5 standard deviation range. 
SOL: MVRV extreme deviation price range. Source: Glassnode
“This suggests that the market is relatively warm, but also suggests the potential for additional upside before the average investor’s profit reaches its +1σ extreme range, enticing a flurry of profit taking and distribution,” Glassnode wrote.
