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.”

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 executive says that a massive crypto uptrend may soon begin since SOL and other digital assets appear to be printing breakout patterns.

“Hopefully we can break all these levels and get on with our lives. I’m not buying or selling, just observing market phases. SOL breaking $185 is enough for me to confirm the fruit phase (we are all a bit mentally burned by the range failures over the last months hence caution).”