Solana has had a stellar year, with a jaw-dropping 200% year-to-date surge. As it approaches the $30 mark, many in the crypto community are eyeing a significant technical pattern – the inverse head and shoulders – as the next major milestone. If this bullish pattern is confirmed, experts predict that Solana could be on its way to conquer the $50 resistance level.
Notable crypto analyst Raoul Pal has noted that SOL has not only been surging in price but has also demonstrated its strength by breaking out against both Ethereum (ETH) and Bitcoin (BTC). This performance has many speculating that SOL could play a pivotal role in leading the crypto market from what some have dubbed “Crypto Spring” into a promising “Crypto Summer” expected in 2024.
Solana’s Current Market Position
Support for Solana’s growth is also evident on social media, where enthusiasts are passionately sharing facts and figures. In the last 30 days, Solana has seen a remarkable 41.7% increase, while Ethereum has dipped by 1.2%. It’s worth noting that SOL is still trading at just 10 times its all-time high (ATH), while Ethereum is at 2.4 times its ATH, highlighting the potential for further upside.
Crypto analyst Chris Burniske, known for his insights, compared Ethereum’s journey from non-consensus to consensus in 2018-2019 and highlighted that anyone serious about crypto investments is now in Ethereum. However, he believes that Solana is currently the strongest non-consensus asset, indicating that it could witness a surge in momentum when it becomes a consensus choice among investors.
At the time of writing, SOL is trading at $29.13 with a 24-hour trading volume of $948 million. It has experienced an impressive 8.51% increase in the last 24 hours. SOL currently holds the 7th position in the CoinMarketCap rankings, boasting a live market cap of $12 billion. The most remarkable surge, however, is on its weekly chart, where it has soared by 33%.
Solana’s exceptional performance this week has led the altcoin rally, outshining other major cryptocurrencies. This rally coincides with Bitcoin’s steady gains over the same period. Market experts attribute Solana’s rise to a clearer understanding of the future of FTX’s significant SOL holdings, indicating that the association with the FTX incident is becoming less of a hindrance.
Matthew Graham, Co-Founder of Ryze Labs, believes that Solana’s recent rally mirrors a change in perception as its technology matures. With 100% uptime for over six months and the availability of State Compression, Solana is rapidly expanding its capabilities, creating a fertile ground for developers to thrive.