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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Solana Market Cap Surpasses $100 Billion, Setting Up SOL For Potential ATH Rally

Ash Tiwari
Ash Tiwari
7 months ago
3 mins read
solana

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Solana (SOL) recently saw its market cap surge past $100 billion, setting the stage for a potential all-time high (ATH) rally for its native SOL token.

Solana Reclaims $100 Billion Market Cap, Is SOL ATH Imminent?

Solana, currently the cryptocurrency with the fourth-largest market cap, recently joined the ranks of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) by surpassing the $100 billion mark in market valuation.

Related Reading

Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target

Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target

7 months ago

At the time of writing, Solana’s native token SOL is trading at $216.43, marking impressive weekly gains of 32.6%. In comparison, Bitcoin has gained 19.6% and Ethereum 29.7% over the same period.

To recall, SOL’s current ATH of $259.96 was recorded in November 2021, at the peak of the crypto bull market, buoyed by monetary easing as a measure to tackle the coronavirus pandemic. 

However, this upward momentum changed sharply for SOL at the height of the FTX crisis, with its price plummeting to a low of $8.68 in November 2022. SOL’s current market price thus reflects an almost 40x increase from these lows.

Despite this substantial recovery, analysts believe there is still more room for SOL to rally, potentially setting a new ATH in its current price surge.

Providing commentary on SOL’s recent price action, Julien Bittel, Head of Macro Research at Global Macro Investor, shared his analysis, saying that the SOL/BTC trading pair has broken out of an 8-month sideways consolidation channel, potentially moving toward the “banana zone” in Q4 2024.

For the uninitiated, the “banana zone” in trading terms refers to a phase where the underlying asset may witness an explosive, parabolic price appreciation, leading to extraordinary gains in a short period.

This breakout has positioned SOL for either an inverse head-and-shoulders pattern on the daily chart or a cup-and-handle pattern on the weekly chart, both incredibly bullish patterns for the altcoin.

SOL
SOL shows a potential breakout from a cup-and-handle pattern on the weekly chart | Source: Julien Bittel on X

Another crypto trader, Bob Loukas, shared his outlook on X, stating that he wouldn’t be surprised to see SOL reaching a new ATH “within 14 days.” Loukas hinted that SOL could “get silly” in 2025, suggesting the potential for abnormal gains shortly.

Overall Sentiment Bullish On SOL

As BTC continues establishing new ATHs beyond $80,000, the wider crypto market appears to follow the leading asset’s price momentum. 

Related Reading

Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst

Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst

8 months ago

Among major altcoins, SOL has piqued the interest of several crypto analysts due to its potential to “flip” Ethereum’s market cap and become the leading smart contract platform.

In related news, Solana’s decentralized finance (DeFi) ecosystem’s total-value-locked (TVL) rose to $5.7 billion during Q3 2024, signifying a 26% quarter-over-quarter (QoQ) growth.

Some analysts are wary of SOL’s current price action, suggesting that the token might be headed for a sharp correction before further upside movement. BTC trades at $82,251 at press time, up 3.5% in the past 24 hours.

bitcoin
BTC trades at $82,251 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash, Charts from X.com and TradingView.com
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

Read more

Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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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.

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