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BTC Transfers Reach Two-year High as Solana Rallies

The Solana (SOL) price has rocketed nearly 220% over the past month. Most of it is due to investors flocking into the project, expecting considerable gains in the near term. Net investment inflows into Solana rose to $7M over the past week. 

The project’s impressive gains come from the growing excitement around DeFi initiatives. In August alone, Solana’s DeFi projects tripled in value. The value crossed the $3B mark for the first time in history. Meanwhile, the booming popularity of NFTs has also catapulted SOL to new heights. NFT sales historically hit a record high of $900M in August.

  1. The SOL price has rallied over 67% over the past week to hit a new all-time high above $100 on Tuesday. Solana now has a market cap of over $34 billion. That’s enough to cement its place in the top-ten list of the most valuable digital assets.

The SOL/USD pair jumped 8% on Tuesday after the launch of the mysterious Ignition event. The world’s eighth-largest cryptocurrency has now scored massive gains of 6,000% across this year’s trading. The numbers consequently make it one of the standout performers in the market.

BTC Price Stuck in a Range

Bitcoin left market participants waiting for cues on Tuesday after another day of sideways trading. The coin dropped by $2K in hours. More so, it hit lows of $46,700 after the bulls faced a severe rejection at the psychological level at $50K.

The BTC price, however, remains range-bound between $47K and $48K. Bulls might be unable to garner enough momentum for a renewed retest of higher levels. 

Nonetheless, sentiment remained broadly optimistic, predicting that the current Bitcoin accumulation would result in much higher prices in the coming months.  

A Possible Bull Market Return

Evidently, on-chain indicators show bullish divergences similar to what the market saw in the mid-and late-2020.

In their latest weekly report, crypto analytics firm Glassnode shared that the BTC and ETH markets hold much more bullish sentiment despite the quiet price action. 

The analysts pointed to a remarkable on-chain divergence that could spell a bull market return for both digital assets. Relatively, on-chain activity remains muted as bulls fail to make any significant headways. 

However, the data shows bullish price trends that echo the springboard rally in October of last year are emerging. Notably, BTC transfers have hit a two-year high. 

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“It is notable that current activity on both chains is similar to the stable pre-bull accumulation range established in mid to late 2020,” Glassnode analysts noted.

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