BTC transfers hit a two-year high with Solana rallies

price of Solana (SOL) has risen almost 220% in the last month, as investors flocked to the project expecting sizable short-term gains. Net investment inflows in Solana increased to $ 7 million last week.

project’s impressive earnings come from growing enthusiasm for DeFi initiatives. In August alone, Solana’s DeFi projects tripled in value. value crossed the $ 3 billion mark for the first time in history. Meanwhile, the growing popularity of NFTs has also catapulted SOL to new heights. NFT sales historically hit a record $ 900 million in August.

price of SOL has grown more than 67% in the last week to reach a new one. lifetime over $ 100 on Tuesdays. Solana has now consolidated its place in the top ten of the most valuable digital assets with a market capitalization of more than $ 34 billion.

SOL / USD pair was up 8% on Tuesday after the launch of the mysterious ignition event. world’s eighth largest cryptocurrency has now made huge 6,000% gains on trading this year. Consequently, the numbers make him one of the leading artists on the market.

BTC price locked in a range

Bitcoin left market participants waiting for signals on Tuesday after another day of parallel trading. coin fell $ 2K in hours, hitting lows of $ 46,700 after the bulls faced a severe psychologically significant rejection at $ 50K.

However, the price of BTC remains between $ 47K and $ 48K. bulls may not be able to gather enough momentum for a retest of higher levels.

However, sentiment remained largely bullish, predicting that Bitcoin’s current accumulation would result in much higher prices in the coming months.

A possible bull market return

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

In its latest weekly report, cryptanalyst firm Glassnode shared that the BTC and ETH markets maintain a much more bullish sentiment despite the quiet price action.

Analysts have indicated a significant divergence in the chain, which could spell a bull market return for both digital assets. Relatively, the activity on the chain remains silent as the bulls do not make significant progress.

However, the data shows that upward price trends are emerging that echo the springboard rise of October last year. In particular, BTC transfers peaked in two years.

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

Also read Enjin Beginner’s Guide (ENJ)

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