As a seasoned crypto investor with over a decade of experience under my belt, I must admit that witnessing Solana’s (SOL) impressive surge to a new milestone this week has left me both awestruck and exhilarated. The sheer magnitude of its gains, coupled with the broader market rally following the Federal Reserve’s rate cut and Donald Trump’s re-election, has been nothing short of breathtaking.
On Sunday, Solana’s native cryptocurrency (SOL) achieved a fresh high, as the rapid surge in bitcoin‘s (BTC) prices to new record levels fueled a widespread crypto boom that followed Donald Trump’s clear election win and the Federal Reserve’s additional interest rate reduction.
In a significant development, Solana (SOL) surpassed its high points from March and April this year for the first time since reaching its peak during the 2021 crypto market boom, hitting a new high of approximately $212. Over the past week, SOL has experienced a 34% increase in value, overshadowing Bitcoin’s 18% rise and the broader CoinDesk 20 Index’s advance of 27%. The token’s all-time peak was at around $260, which is roughly 20% higher than its current price of $214.
As a researcher, I’ve observed an extraordinary surge in value for SOL this week, propelling its market capitalization beyond the $100 billion mark. This exclusive club is inhabited by only four cryptocurrencies, with bitcoin undeniably leading the way, followed by Ethereum‘s ether (ETH), and stablecoin tether (USDT). The buzzword “flippening” has resurfaced on the crypto scene, sparked by speculation that Solana’s market cap might one day surpass that of ETH, currently valued at approximately $389 billion.
After the failure of Sam Bankman-Fried’s FTX and Alameda Research in 2022, Solana managed a remarkable recovery. As a key supporter of its smart contract platform, their collapse initially seemed damaging. However, Solana quickly became the preferred ecosystem for individual crypto users and a hub for this year’s meme coin craze, with platforms like pump.fun operating on it. Additionally, the revitalization of decentralized finance (DeFi) activities positively impacted the network, causing Solana’s on-chain trading sector to rank as the third most profitable in crypto, according to a recent Coinbase report. Over the past year, which was primarily a bull market for Bitcoin, the Solana token outperformed many altcoins, appreciating by 275% annually.
According to Julien Bittel, head of macro research at Global Macro Investor, Solana’s recent breakthrough could have significant effects across the cryptocurrency market. The surge past an eight-month period of sideways movement indicates that we might be entering the most dynamic phase in the broader crypto bull run, a period often referred to as the “banana zone” due to its rapid, almost vertical climb.
According to experienced cross-asset trader Bob Loukas, we’ve begun a new stage in the bull market as he stated in his recent post on X. Earlier, he predicted that the value of SOL might reach its old peak price within the next few weeks, considering its robust performance compared to other market assets.
Speaking on Tuesday, I find myself remarking that reaching Solana’s All-Time High (ATH) within just 14 days isn’t out of the question anymore. In fact, by 2025, things might get quite extraordinary with this cryptocurrency.
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2024-11-10 21:17