The co-founders of crypto analysis platform Glassnode stated that Solana (SOL) could be preparing for a big rise after being left behind by its rivals.
Potential Entry Point for Solana
Jan Happel and Yann Allemann stated to their followers on the social media platform X that Solana could regain value with serious network activity. They emphasized that as the crypto asset retreated from a new record price level, this could create a bullish opportunity for Solana.
Analysts predict that SOL may retest the $202-$208 range and then move higher. Currently, SOL is trading at $231, down 2.3% in the last 24 hours. On the other hand, XRP lost 7.9% and ADA lost 1.6%.
Start of Altcoin Season
Glassnode founders, Bitcoin $102,673.0He states that the altcoin season may have started with the decline of ‘s market dominance (BTC.D). BTC.D is the ratio of Bitcoin’s market cap to the total market cap of all crypto assets and is currently at 55.93%, having decreased by 7.54% over the past month.
“Altcoin season is accelerating! Bitcoin’s dominance is declining, but its market cap remains the same. “As BTC continues to rise, its decline in dominance creates the perfect backdrop for altcoins to thrive.” – Jan Happel and Yann Allemann
While Bitcoin’s market value continues to hover around $1.9 trillion, the overall strength of the crypto market is considered a positive sign in terms of supporting altcoins.
While Solana’s ecosystem continues to develop, it is emphasized that the performance of the platform should not be ignored. Although Solana is a bit behind compared to other layer-1 blockchains such as XRP and ADA, it is stated that it maintains its potential thanks to its ecosystem.
As a result, it will be important to observe how Solana and other altcoins will perform within the market dynamics. Investors should also consider overall crypto market trends while monitoring Solana’s possible bullish moves.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
