As a seasoned researcher with extensive experience in the crypto markets, I find Solana’s current performance to be nothing short of impressive. While Bitcoin and Ethereum continue to dominate the headlines, Solana is quietly making significant strides, notching up substantial gains against both BTC and ETH.
Despite Bitcoin and Ethereum hogging the spotlight due to their robust growth factors, Solana has been quietly gaining ground, recording substantial dollar gains and surpassing the performance of Bitcoin and Ethereum. Is this an indication of things to come for Solana ($SOL) in the remaining phases of this bull market?
Among the top 20 cryptocurrencies by market capitalization, Solana is currently experiencing the greatest 7-day price increase at 19.3%. Avalanche comes in a close second with a 20.5% rise during the same timeframe. However, it’s important to note that the total gains for Solana throughout this entire bull market surpass those of Avalanche.
$SOL price increases by one third in a month
On the daily chart for Solana ($SOL), the price has broken above the triangle’s upper trendline, indicating a potential shift in the asset’s price action. Previously significant resistance levels have now become new areas of support. However, it’s possible that the price may revisit the $174 or $168 price points for retesting before continuing its upward movement.
I’ve observed that the current price of $SOL is sitting at around $180, which happens to be a supportive level for now. Interestingly enough, since early July, there has been a significant surge in the $SOL price, resulting in an impressive 53% increase from this point.
$SOL outperforms its $BTC pairing
With regard to Bitcoin ($BTC), the price of Solana ($SOL) has been moving upwards. However, when it comes to the SOL/BTC pair, there’s a holding pattern in place, with prices hovering around the middle of their current range. Notably, this latest surge toward the upper end of the range started following a rebound from the 0.618 Fibonacci level.
The turning point of the declining trend occurred right where the midpoint of the price range intersected. It’s likely that $SOL will continue to surpass $BTC in performance, potentially up until it hits the upper limit of the range.
$SOL continues to reel in $ETH
With my extensive background in cryptocurrency analysis and market trends, I’ve noticed an intriguing dynamic between Solana (SOL) and Ethereum (ETH). Since the 24th of June, SOL has experienced a remarkable 40% price increase over ETH. I’ve seen this pattern play out many times in my career, and it’s important to recognize its implications.
Ethereum currently has a market capitalization five times larger than Solana’s. If Solana manages to surpass this threshold, Ethereum’s dominance could be significantly challenged. It’s conceivable that Solana might even overtake Ethereum in the future; however, this scenario is more plausible during the next market upswing. Keep an eye on developments.
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2024-07-22 15:17