Solana (SOL), considered a strong competitor to Ethereum’s Layer-1, has seen its price soar above $120, marking a more than 21-fold increase since the start of the year. The cryptocurrency’s weekly and monthly gains stand at 60% and 100% respectively, with experts predicting a bright future for the altcoin in 2024.
Investors, witnessing Solana’s unstoppable price rise, are looking for a pullback as an opportunity to accumulate more SOL. Despite the difficulty in recommending large investments in SOL after its recent gains, the $100 level is currently seen as an optimal buying point. A break above the critical $113 level could signal a continuation of the uptrend, with $143 identified as a significant resistance level for 2024 projections.
The approval of spot Bitcoin ETFs in the US, expected next year, could make the cryptocurrency market more attractive to investors, potentially leading to an influx of institutional funds. Such an approval is anticipated to benefit not only Bitcoin but also altcoins like Solana, which some experts believe could surpass $250 by the end of 2024.
Solana has surpassed Ethereum in the 24-hour continuous futures trading volume, a key metric in the crypto market. According to CoinMarketCap, Solana’s trading volume reached an impressive 5.56 billion USDT, exceeding Ethereum’s 4.68 billion USDT. This shift in market dynamics coincided with a more than 5% increase in Solana’s price over the last 24 hours.
Continuous futures, a type of derivative contract without an expiration date, play a crucial role in liquidity and price discovery in the crypto market. Solana’s lead in this metric is particularly noteworthy given Ethereum’s historical market dominance.
In spot trading volume, Solana has also outperformed Ethereum, achieving a dominance rate of 8.43% compared to Ethereum’s 4.61%. Moreover, Solana has solidified its position as a significant player in the crypto market with a market value exceeding $50 billion. Another remarkable achievement for the altcoin is surpassing Ethereum in the 24-hour decentralized exchange (DEX) trading volume.
