Solana Demand Returns: SOL Realized Cap Now Growing At Same Rate As XRP’s

On-chain data shows Solana has seen a capital flow reversal recently as the asset is now receiving inflows at the same rate as XRP.

In a new post on X, the on-chain analytics firm Glassnode has talked about how the trend in the Realized Cap has changed for Solana recently. The “Realized Cap” here refers to a capitalization model that calculates the total value of a given cryptocurrency by assuming the ‘real’ value of each individual token to be the same as its last transaction price.

The last transfer of any coin is likely to represent the last point it changed hands, so the price at its time could be considered as its current cost basis. Thus, the Realized Cap is nothing, but the sum of the cost bases of the asset’s circulating supply.

In other words, the model tells us about the total amount of capital that the investors or addresses on the network as a whole used to put together their holdings. As such, changes in the Realized Cap signify capital inflows or outflows, depending on the direction of the change.

Now, here is the chart for the indicator shared by the analytics firm that shows how the 30-day percentage change in it has compared between Solana and XRP during the last few months:

As displayed in the above graph, the 30-day change for both Solana and XRP declined earlier in the year as a market-wide downturn took hold, but for the latter, it still mostly remained inside the positive territory.

SOL wasn’t so lucky, as the indicator turned negative and stayed inside the territory for a couple of months, indicating that investors were consistently taking capital out of the cryptocurrency.

Recently, though, a flip appears to have again taken place for the network, as the 30-day change in the Realized Cap has surged back into the positive zone. Inflows are coming into the asset at a rate of 4-5% for the coin now, which is in line with what XRP is witnessing as well.

Thus, it seems that while demand for the Solana ecosystem went away for a while, it has finally made a potential return, one big enough to rival XRP.

Solana saw a break beyond the $180 mark earlier in the week, but it appears the coin has since suffered a pullback as its price is now back at $170.