Solana (SOL)：挑戰者步履蹣跚，揭示市場動態

加密世界是一個競技場，每種資產都在爭奪自己的頂級地位。最近，經常被譽為比特幣 (BTC) 和以太坊 (ETH) 有力競爭者的 Solana (SOL) 已顯示出疲軟跡象。但這種動態背後隱藏著什麼？

Crypto assets are locked in a never-ending battle for market dominance. Among them, Solana (SOL) has stood out as a potential rival to Bitcoin (BTC) and Ethereum (ETH). However, recent market dynamics have shown signs of weakness for SOL. An analysis of on-chain data, particularly that shared by Glassnode, offers some surprising insights into this development.

加密資產陷入了一場永無止境的市場主導地位之戰。其中，Solana（SOL）脫穎而出，成為比特幣（BTC）和以太幣（ETH）的潛在競爭對手。然而，近期的市場動態顯示 SOL 疲軟的跡象。對鏈上數據（尤其是 Glassnode 共享的數據）的分析為這一發展提供了一些令人驚訝的見解。

Solana's performance against Bitcoin and Ethereum: a tale of contrasting fortunes

Solana 相對於比特幣和以太坊的表現：一個財富對比的故事

In Q4 of 2024, Solana was still riding high. Its performance easily surpassed that of Bitcoin and Ethereum, making SOL the clear favorite among investors.

2024 年第四季度，Solana 仍處於高位。其性能輕鬆超越比特幣和以太坊，使 SOL 成為投資者的最愛。

However, early December marked a turning point. Ethereum took the lead with an impressive 28% increase over 30 days, followed by Bitcoin (+18%), while Solana remained stagnant with a meager +3%. This stark contrast left investors scratching their heads.

然而，12月初標誌著一個轉捩點。以太坊一馬當先，在 30 天內增長了 28%，令人印象深刻，其次是比特幣（+18%），而 Solana 則停滯不前，僅增長了 3%。這種鮮明的對比讓投資人摸不著頭緒。

Why the sudden shift in momentum? Glassnode experts offer an explanation that lies in the analysis of capital flows.

為什麼勢頭突然轉變？ Glassnode專家給出的解釋在於資本流動的分析。

The "Realized Cap" indicator, a sophisticated measure that assesses the total amount invested in an asset based on its acquisition price, reveals some interesting trends. Between September and December, Solana had enjoyed massive inflows of capital, even outpacing Bitcoin and Ethereum. However, as soon as these flows began to dry up, SOL's momentum also evaporated, leaving the field clear for the two historical leaders.

「已實現上限」指標是一種複雜的衡量標準，根據資產的收購價格評估資產的投資總額，它揭示了一些有趣的趨勢。 9 月至 12 月期間，Solana 享受了大量資金流入，甚至超過了比特幣和以太坊。然而，一旦這些資金流開始枯竭，SOL 的勢頭也隨之消失，為兩位歷史領袖留下了廣闊的空間。

Capital flows and the psychology of investors

資本流動與投資者心理

The Realized Cap tells us more than just a story of numbers; it also reflects the mindset of investors.

已實現上限告訴我們的不僅僅是一個數字故事；它還告訴我們。這也反映了投資人的心態。

Data shows that at the time when Bitcoin and Ethereum continued to attract capital, Solana was already entering a consolidation phase. This stagnation is not merely a technical issue; it also reveals a changing perception in the market.

數據顯示，當比特幣和以太坊持續吸引資金時，Solana 已經進入盤整階段。這種停滯不僅僅是一個技術問題；而且是一個問題。它也揭示了市場觀念的變化。

While Bitcoin is widely recognized as a store of value and Ethereum as the foundation for smart contracts, Solana still seems to be searching for its identity. Its rapid surges, followed by sharp slowdowns, reflect investors' wavering confidence in the asset.

儘管比特幣被廣泛認為是一種價值儲存手段，以太坊被廣泛認為是智慧合約的基礎，但 Solana 似乎仍在尋找其身分。其迅速飆升，隨後急劇放緩，反映出投資人對該資產信心的動搖。

In December, this vulnerability was brought to light: capital inflows into SOL decreased, while Bitcoin and Ethereum continued to capitalize on their status as safe-haven assets.

12 月，這一漏洞被揭露：流入 SOL 的資本減少，而比特幣和以太坊繼續利用其避險資產的地位。

Meanwhile, price performances only serve to reinforce this cycle. While Bitcoin and Ethereum register spectacular increases, Solana operates within a narrow channel around $221, confirming that its momentum is running out of steam.

同時，價格表現只會強化這個週期。儘管比特幣和以太坊出現了驚人的增長，但 Solana 卻在 221 美元左右的狹窄通道內運行，證實其勢頭正在失去動力。

The battle between Bitcoin, Ethereum, and Solana is far from over. Solana has proven in the past that it can rival the giants, but its recent stagnation serves as a reminder of how fragile market equilibrium is. To reclaim lost ground, SOL will need not only to restore its capital flow momentum but also to strengthen its narrative within the crypto ecosystem. For now, Bitcoin is leading the dance.

比特幣、以太坊和 Solana 之間的戰鬥還遠遠沒有結束。 Solana 過去已經證明它可以與巨頭競爭，但它最近的停滯提醒人們市場平衡是多麼脆弱。為了收復失地，SOL 不僅需要恢復其資本流動勢頭，還需要加強其在加密生態系統中的敘述。目前，比特幣正在引領潮流。

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