Solana, a popular cryptocurrency, has seen an 8% rally this week, sparking speculation of a potential breakout. According to Swissblock, a crypto insights platform, Solana tends to benefit from Ethereum rallies and broader altcoin season momentum, which could support a significant surge in the near future.
The analytics firm noted that when ETH leads, SOL accelerates, indicating that a strong rotation could be on the horizon. Looking at historical data, SOL has experienced impulsive rallies in the past, especially when ETH sees an uptick in price. This pattern has been observed recently, raising the likelihood of another surge if history repeats itself.
The altcoin market has also been showing signs of strength, with Bitcoin dominance decreasing from 66% to 62.4% since late June. Swissblock suggested that we could be entering ‘Wave 5’, the most explosive phase for the altcoin sector. However, they also cautioned that this surge could signal the peak of the current cycle, similar to what was seen in 2017 or 2021.
Despite the positive outlook for Solana, the SOL/ETH ratio has dropped by over 44% since April, indicating that the market has been more interested in Ethereum than Solana in recent weeks. If this trend continues, ETH may outperform SOL in the coming weeks or months.
On the other hand, large players in the market have shown bullish sentiment towards Solana, with Galaxy Digital acquiring $55 million worth of SOL. Profit-taking from this week’s rally has been modest, with Glassnode data showing an average of $400 million per day. However, this is still lower than the profitability levels seen during the 2024 local peaks.
In conclusion, Solana could follow in Ethereum’s footsteps and see a recovery above $180 if historical trends repeat. While profit-taking has been increasing, the market still seems to favor ETH at the moment. As the cryptocurrency market continues to evolve, it will be interesting to see how Solana performs in the coming weeks. The Benefits of Regular Exercise
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