Despite a general uptick in the cryptocurrency market, Solana (SOL) appears to be lagging in its price performance when compared to its historical achievements. Although SOL has seen an increase, reaching over $130, it remains below expectations based on its past correlation with Bitcoin’s (BTC) price surges, including the recent rally where BTC reached $64,000.
Comparing Gains with Peers
Solana’s climb to a 23-month high, displaying a substantial 34.5% weekly growth, still fell short when viewed against other cryptocurrencies like Ethereum (ETH) and Tron (TRX), which recorded significantly higher gains. Ethereum, for instance, boasted a 25% increase, while Tron surged by 31.5%, outpacing Solana’s modest 2% rise since February 23.
The Solana ecosystem has witnessed activity, but the corresponding price gains are relatively subdued. Other altcoins like Bonk (BONK) and DogWifHat (WIF) have seen impressive rallies of 110% and 250% respectively since late February. Similarly, meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have jumped by 50% during the same timeframe.
Forecast and Growth Potential for SOL
Despite underwhelming performance in recent months, SOL Coin appears to possess untapped growth potential. The network’s total value locked has surged to $2.5 billion from just $1 billion a few months prior, suggesting room for further expansion, especially considering the network’s historical peak of $10 billion during a previous bull market.
SOL’s price recovery indicates a possible extension of its rally, with market watchers eyeing significant resistance levels. A consistent close above $125 could potentially transform the $138 resistance into a new support zone, setting the stage for SOL to target higher psychological resistance levels at $158, $175, and the coveted $200 mark, provided it can overcome the $138 and $143 barriers that previously capped its price.