Co-founders of the crypto analytics platform Glassnode have signaled that Solana (SOL) may be on the verge of a significant price increase after lagging behind its peers in recent times.
Will Solana Find a New Support Level?
Jan Happel and Yann Allemann shared insights on social media platform X, suggesting that increased network activity could allow Solana to reclaim lost value. They believe this trend might present a bullish opportunity as the asset has recently pulled back from its all-time high.
Market predictions indicate that SOL could revisit the $202-208 range before experiencing a potential rise. At present, SOL is trading at $231, having seen a 2.3% decline over the last day. In addition, competing assets such as XRP and ADA have also recorded drops of 7.9% and 1.6%, respectively.
Is This the Start of Altcoin Season?
The Glassnode founders pointed out that a decrease in Bitcoin‘s market dominance, currently at 55.93%, may signal the onset of an altcoin season. This drop of 7.54% in the past month creates a promising landscape for altcoins to flourish.
- Bitcoin’s stability aids altcoin growth.
- Solana’s ecosystem shows ongoing development potential.
- Market trends indicate an overall positive outlook for altcoins.
As Solana’s ecosystem evolves, it is crucial to monitor its market performance closely. Despite being outpaced by other layer-1 blockchains such as XRP and ADA, Solana’s ongoing growth suggests it still holds considerable potential in the competitive crypto landscape.