As a seasoned crypto investor with a knack for spotting promising opportunities, I find myself increasingly intrigued by the recent performance of Solana (SOL). With my eyes trained on the charts and my heart attuned to the pulse of the market, it’s clear that SOL is poised for a significant rally.
Currently, Bitcoin‘s price is making a significant bullish breakout, a move not seen since its inception. Simultaneously, the altcoin market, particularly Solana, appears poised for an impending rally. Over the past 24 hours, Solana’s price has increased nearly 5%, trading around $172 on October 24 during the mid-London session. With a fully diluted valuation of approximately $101 billion and a daily traded volume of about $5.4 billion, Solana has reached its highest point in the past 12 weeks.
Based on both technical analysis and fundamental evaluation, it seems plausible that Solana’s value may mirror Ethereum‘s performance over the next few months, given its strong showing after the 2020 DeFi boom. To elaborate, Ethereum’s price skyrocketed from approximately $220 to nearly $5,000 during the DeFi boom in the 2020/2021 crypto bull market.
Solana Network Thrives in Tokenization
In recent times, the Solana network has become a front-runner in the tokenization of real-world assets and meme coin creation. As per the most current market statistics, the Solana network’s total value locked (TVL) now surpasses $6.6 billion, which is its highest level since January 2022.
Currently, the value of stablecoins on the Solana network stands at over $3.66 billion, a figure that has experienced rapid growth throughout this year. This expansion has led to an impressive number of more than 5.3 million daily active addresses on the network, far surpassing Ethereum’s 377k.
The significant increase in on-chain actions for Solana is largely due to its expanding ecosystem of meme coins. As per recent statistics, the market capitalization of Solana’s meme coin sector increased by approximately 5 percent over the past day, reaching a value of around $11.76 billion, while the daily average traded volume hovered around $3.8 billion.
Among the meme tokens thriving on the Solana network are Goatseus Maximus (GOAT), cat in a dog’s world (MEW), and Popcat (POPCAT). However, certain Solana-native meme coins, particularly Sharpei (SHAR), have faced allegations of deceiving investors through the tactic known as rug pulls.
Short-Term Expectations of SOL
Based on data from market intelligence platform Santiment, it appears that Solana (SOL) has recently outshone many prominent altcoins. This surge might be attributed to a prevailing negative sentiment among traders. Contrary to what many SOL investors anticipated, the price of Solana didn’t continue its correction but instead reached a fresh multi-week peak in the recent days.
📈 Right now, Solana is surpassing many other altcoins because its prices seem ready to bounce back after a significant drop on Wednesday. The fifth-largest cryptocurrency by market cap serves as a reminder of how often the public’s perception can be off the mark. Consider the current pessimistic outlook as an indication that Solana might still experience growth. #CryptoMarket
— Santiment (@santimentfeed) October 23, 2024
Looking at the technical aspects, Solana’s price could maintain an upward trend following the record-breaking SOL/ETH pair. If the Solana price persistently exceeds July’s high of approximately $195 during closing periods, it will be strategically placed to initiate a parabolic growth phase in the upcoming months.
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2024-10-24 14:13