The co-founders of the crypto analytics platform Glassnode believe that Solana (SOL) may be gearing up for a massive run after being outperformed by rivals.
Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,200 followers on the social media platform X that massive network activity could cause a Solana surge after the digital asset has retraced from printing a new all-time high.
“The SOL always rises for everyone. If the market allows, this price zone could present a potential entry for SOL. After reaching a new all-time high, it has lagged slightly behind other layer-1s like XRP or ADA. However, we should never underestimate SOL, which boasts a thriving ecosystem. Let’s see!”
Looking at their chart, the analysts suggest SOL may retest the $202-$208 range before rallying.
SOL is trading for $231 at time of writing, down 2.3% in the last 24 hours. Meanwhile, at time of writing, XRP is trading for $2.42, down 7.9% on the day, and Cardano (ADA) is trading for $1.20, down 1.6% on the day.
Next up, the analysts say that altcoin season, when alts outperform the flagship digital asset, may have started as Bitcoin’s dominance level (BTC.D) drops. They also note that the crypto market seems strong as Bitcoin’s market cap continues to hover around $1.9 trillion.
BTC.D is the ratio between the market cap of BTC versus the market cap of all crypto assets combined.
“Altcoin season heating up! Bitcoin’s dominance is dropping, but guess what? Its market cap isn’t! The dream scenario is unfolding: BTC keeps climbing while its dominance dips. This is the perfect setup for altcoin seaon to thrive, with Bitcoin fueling the alts to new highs!”
BTC.D is at 55.93% at time of writing, down 7.54% in the last month.
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