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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Nov 07, 2024 13:46 UTC
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Solana Price Analysis: SOL Surges 30%, Outperforms ETH, Eyes Bitcoin’s Lead
Solana's price has rallied over 30% in the past month, breaking out of a macro consolidation.
Solana's network has seen significant growth in terms of active addresses, total value locked, and stablecoin market cap.
The Solana/Ethereum pair is already in price discovery, and a popular trader predicts Solana will follow Bitcoin's lead.
Bitcoin (BTC) is currently in a price discovery phase, driven by the historic win of Donald Trump and other pro-crypto candidates in the US Senate and House of Representatives. At the same time, the altcoin market—led by Dogecoin (DOGE), Ethereum (ETH), and Solana (SOL)—has also gained impressive bullish momentum.
As of Thursday, November 7, during the early New York session, Solana’s price surged by over 30% in the last 30 days, reaching around $187.
Rejoice – Solana Breaks Out!
After a strong rally, Solana has broken out of a macro consolidation phase. With a fully diluted valuation of about $110 billion and a daily trading volume of more than $6 billion, the coin is showing significant growth. However, for this momentum to continue, SOL must consistently close above the weekly falling logarithmic trend to avoid a potential fakeout.
Famous trader Peter Brandt believes Solana is on track to follow Bitcoin into its price discovery phase in the near future. Additionally, the SOL/ETH trading pair is already in price discovery, showing that Solana is gaining more demand compared to Ethereum.
What’s Fueling SOL Bulls?
The Solana network has emerged as a top contender in the web3 space and real-world assets tokenization. According to the latest market data as of this report, the Solana network had a total value locked of about $6.6 billion and a stablecoins market cap of around $3.7 billion.
Solana is also outperforming Ethereum in terms of daily active addresses. With over 5.1 million active addresses, Solana far exceeds Ethereum’s 374,000 active addresses in the past 24 hours. Furthermore, Solana’s perpetual contracts (perps) volume hit a new all-time high, reaching around $2.28 billion in the last 24 hours. Jupiter DEX, Solana’s leading decentralized exchange (DEX), was responsible for about $1.87 billion of that volume, making up 82% of the total.
The Solana story is far from over. Stay tuned for the next chapter.
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