The Solana blockchain saw a massive surge in transfer volume recently, with a whopping $224 billion worth of transactions occurring in a single day. That’s nearly three times the total market cap of SOL, which is currently around $78 billion.
A Bot’s Big Day
Crypto analytics firm Glassnode says the spike was caused by a single wallet using multiple accounts, likely an arbitrage bot. This bot ramped up its activity in early October, which also likely contributed to the recent increase in transaction fees that many users noticed.
SOL on the Rise
SOL is currently trading at $185.98, up over 16% in the past 24 hours. This makes it the fifth-largest cryptocurrency by market cap.
Could This Be the Start of a Bull Run?
Real Vision CEO Raoul Pal believes that if SOL can hold above $185, it could be a sign that the broader crypto market is entering a new bull run. Pal, a former Goldman Sachs executive, thinks that SOL and other digital assets are showing breakout patterns, suggesting a potential upswing in the market.
“Hopefully we can break all these levels and get on with our lives,” Pal said. “I’m not buying or selling, just observing market phases. SOL breaking $185 is enough for me to confirm the fruit phase.”
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Do your own research before making any investment decisions.
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