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Transfer volume on the Solana blockchain exploded recently and surged to multiple times higher than the total SOL market cap, according to the crypto analytics firm Glassnode. Glassnode notes that SOL clocked $224 billion worth of transfer volume in a single day, nearly 3x of the asset’s market cap, which sits around $78 billion at time of writing. Explains the firm, “This surge was driven by a high-activity wallet using multiple accounts. This wallet, likely an arbitrage bot, ramped up activity in early October and was likely responsible for the recent fee increases many were discussing.” Source: Glassnode/X SOL is trading at $185.98 at time of writing. The 5th-ranked crypto asset by market cap is up more than 16.1% in the past 24 hours. Real Vision CEO Raoul Pal thinks if SOL turns $185 into support, it could serve as a bellwether for the broader crypto market entering the most explosive phase of the cycle. The former Goldman Sachs executiv...

The founders of analytics firm Glassnode believe that the time is getting close for when altcoins will start to outperform Bitcoin (BTC). Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,200 followers on the social media platform X that altseason may arrive once Bitcoin breaks out of its all-time high (ATH) of about $74,000. “Altcoins have followed the bullish momentum of Bitcoin. It seems that we are on the verge of an altcoin season. We are bound to experience it intensely once BTC breaks its ATH and enters uncharted territory.” The analysts suggest that the upcoming altseason could be a part of a broad crypto market surge with all types of digital assets rallying at the same time. “The classic is Bitcoin first, then rotation into ETH, then large caps, then mid caps, then small caps. Since May we have seen BTC push up three times without any sign of an altcoin season. Now we saw the altcoin cycle indicator spike to...