Solana Market Cap Surpasses $100 Billion, Setting Up SOL For Potential ATH Rally

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Solana Market Cap Surpasses $100 Billion, Setting Up SOL For Potential ATH Rally - NewsBTC

Quick Summary:

Overall Sentiment Bullish On SOL As BTC continues establishing new ATHs beyond $80,000, the wider crypto market appears to follow the leading asset’s price momentum. Related Reading: Solana Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst Among major altcoins, SOL has piqued the interest of several crypto analysts due to its potential to "flip” Ethereum’s market cap and become the leading smart contract platform.

To recall, SOL’s current ATH of $259.96 was recorded in November 2021, at the peak of the crypto bull market, buoyed by monetary easing as a measure to tackle the coronavirus pandemic. However, this upward momentum changed sharply for SOL at the height of the FTX crisis, with its price plummeting to a low of $8.68 in November 2022.

Providing commentary on SOL’s recent price action, Julien Bittel, Head of Macro Research at Global Macro Investor, shared his analysis, saying that the SOL/BTC trading pair has broken out of an 8-month sideways consolidation channel, potentially moving toward the "banana zone” in Q4 2024.