Solana Outperforms 2 Top Altcoins – Its Ripple Effect On Prices

Christian Encila

Last Updated: October 3, 2023 9:10 am

4 mins read

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Solana (SOL) has emerged as a standout performer in the recent crypto market rally, catching the attention of investors and analysts alike. The entire cryptocurrency market has been on a bullish streak, with most digital assets turning green on the charts. However, Solana has managed to stand out by achieving an unprecedented increase in its price.

At the time of writing, SOL was trading at $23.54 on CoinGecko and boasted a market capitalization near $10 billion. While the coin did register a 1.6% loss in the past 24 hours, its seven-day surge of 22% indicated its resilience and potential for further growth.

In fact, this remarkable price uptrend enabled Solana to surpass both Dogecoin (DOGE) and Cardano (ADA), securing its position as the seventh-largest cryptocurrency by market capitalization.

BREAKING: $SOL FLIPS $DOGE AND $ADA IN MARKET CAP pic.twitter.com/RXKCBQinIJ

— DEGEN NEWS 🗞️ (@DegenerateNews) September 30, 2023

Solana’s Growth Drivers

One key factor behind Solana’s surge was its impressive 100%+ increase in 24-hour trading volume, providing robust support for its price appreciation. Additionally, Solana’s performance within the decentralized finance sector also experienced notable growth during this period.

The positive sentiment surrounding Solana was further evidenced by data from LunarCrush, which indicated a nearly 47% surge in SOL’s social engagement over the last seven days. Investors and enthusiasts were increasingly drawn to the coin as its price continued to rise.

Source: LunarCrush

Gearing Up For A Bull Market

Pseudonymous analyst Inmortal, active on the social media platform X, expressed optimism about Solana’s potential. Inmortal believes that Solana presents a significant opportunity for long-term investors to accumulate the cryptocurrency at a point of maximum potential.

In two years you will realize that everything was as simple as buying $SOL below $20 and wait.

But you were too scared because FTX was going to dump their coins.

— Inmortal (@inmortalcrypto) September 20, 2023

According to Inmortal, those who accumulate SOL at its current price point are likely to be handsomely rewarded in the coming years. In a statement, Inmortal said, “In two years, you will realize that everything was as simple as buying SOL below $20 and waiting. But you were too scared because FTX was going to dump their coins.”

SOL market cap approaches the $10 billion level. Chart: TradingView.com

Concerns had arisen when court documents revealed that FTX owns approximately $1.16 billion worth of SOL. This led many traders to speculate that Solana’s price might face downward pressure if FTX were to liquidate its holdings.

However, notable investor Chris Burniske pointed out that only a fraction of FTX’s SOL holdings are actually liquid, stating, “Only ~13% of FTX’s SOL holdings are liquid… Keep a cool head, folks.”

As Solana continues to gain traction in the crypto market, investors are closely watching its performance, with many betting on the coin’s long-term potential and the possibility of significant rewards for those who enter the market now.

The recent surge in Solana’s price and its positive developments in the DeFi space have solidified its position as a cryptocurrency to watch.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.