With Bitcoin breaking $ 100,000, enthusiasm in the cryptocurrency market is increasing. The strong performance of tokens such as XRP Coin, ADA and TRX turned the eyes to other candidates. Solana, which has been consolidating for a while, comes to the stage as another rally candidate. The co-founders of crypto analysis platform Glassnode believe that Solana may be preparing for a major rally after being left behind by its competitors.
SOL has fallen behind XRP Coin and ADA, now…
As you follow from Kriptokoin.com, the upward fluctuation continues in the market. According to analysts, some tokens that have been consolidating for a while are also preparing to move. Jan Happel and Yann Allemann, using the pseudonym Negentropic, say that after SOL hit an all-time high, major network activity could cause an increase in Solana. In this context, analysts make the following statement by making a comparison with XRP Coin and ADA:
SOL always goes up for everyone. If the market allows, this price zone could offer a potential entry for SOL. After reaching an all-time high, it has lagged slightly behind other tier-1s like XRP or ADA. However, we should never underestimate SOL, which has a thriving ecosystem. Let’s take a look!
According to their charts, analysts suggest that SOL will retest the $202-$208 range before moving higher. Meanwhile, SOL was trading at $ 239 at the time of writing, up 5.91% in the last 24 hours. XRP Coin, on the other hand, followed a horizontal course with an increase of 0.37% during the day. Another competitor, ADA, was changing hands at $ 1.22, up 4.84% during the day.
‘Altcoin season is heating up!’
Analysts say the altcoin season may have started with Bitcoin’s dominance level (BTC.D) dropping when altcoins outperform the flagship digital asset. Meanwhile, Bitcoin’s market capitalisation continues to hover around $1.9 trillion. Therefore, analysts state that the crypto market has a strong outlook. Analysts underline the following points in their evaluations:
Altcoin season is heating up! Bitcoin’s dominance is falling, but guess what, the market capitalisation is not! The dream scenario is coming true: BTC continues to climb while its dominance falls. This is the perfect setup for the altcoin sea to flourish, with Bitcoin driving altcoins to new heights!
Meanwhile, BTC.D is the ratio between the market capitalisation of BTC and the market capitalisation of all crypto assets. BTC.D was hovering at 55.93% at the time of writing. It also fell 7.54% in the last month.
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