The cryptocurrency market is currently experiencing a dynamic phase of price discovery, notably led by Bitcoin (BTC). This surge is largely influenced by the historic victory of Donald Trump and other pro-crypto candidates in the US Senate and House of Representatives. In parallel, the altcoin market, spearheaded by Dogecoin (DOGE), Ethereum (ETH), and Solana (SOL), is also witnessing remarkable bullish momentum, drawing significant attention from investors and traders alike.
Rejoice – Solana Breaks Out!
Solana has recently experienced a breakout from a prolonged macro consolidation phase, marking a significant milestone in its price trajectory. As of Thursday, November 7, during the early New York session, Solana’s price saw a substantial increase of over 30% in the last 30 days, reaching approximately $187. This surge is backed by a fully diluted valuation of around $110 billion and a daily trading volume exceeding $6 billion, underscoring the coin’s significant growth potential.
For Solana to sustain this momentum, it is crucial for the coin to consistently close above the weekly falling logarithmic trend line. Doing so will help it avoid a potential fakeout, further solidifying its position in the market.
A Trader’s Perspective on Solana vs. Ethereum
Renowned trader Peter Brandt has expressed optimism regarding Solana’s trajectory, suggesting it is poised to follow Bitcoin into its own price discovery phase in the near future. The SOL/ETH trading pair has already entered price discovery, indicating an increased demand for Solana compared to Ethereum. This sentiment highlights the growing interest in Solana as a viable investment option.
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- Is Ethereum Oversold? Experts Predict $3,000 ‘Monster’ Rally Ahead
What’s Fueling SOL Bulls?
The Solana network has emerged as a formidable contender in the Web3 arena and the tokenization of real-world assets. According to the latest market data, the Solana network boasts a total value locked (TVL) of approximately $6.6 billion, along with a stablecoins market cap of around $3.7 billion.
Moreover, Solana is outpacing Ethereum in terms of daily active addresses, with more than 5.1 million active users compared to Ethereum’s 374,000 in the past 24 hours. This surge in activity is further evidenced by Solana’s perpetual contracts (perps) volume, which reached a new all-time high of about $2.28 billion in the last 24 hours. Jupiter DEX, Solana’s leading decentralized exchange (DEX), played a significant role, accounting for approximately $1.87 billion or 82% of that volume.
The Solana story is far from over. Stay tuned for the next chapter.
