The team behind the crypto analytics platform Glassnode is optimistic about the future of Solana (SOL) despite its recent underperformance compared to other competitors in the market. According to Jan Happel and Yann Allemann, who are known as Negentropic, they believe that Solana may be gearing up for a significant surge in the near future.
In a recent update shared with their followers on X, the duo highlighted the potential for a massive run for SOL based on the network activity it has been experiencing. Despite a slight retracement from its recent all-time high, Solana has shown promising signs of a strong ecosystem that could propel its price higher in the coming days.
The analysts pointed out that SOL has lagged behind other layer-1 projects like XRP and ADA but emphasized that investors should not underestimate its potential. They hinted at a potential entry point for SOL in the $202-$208 range before a potential rally.
At the time of writing, SOL is trading at $231, down 2.3% in the last 24 hours. In comparison, XRP is trading at $2.42, down 7.9%, and Cardano (ADA) is trading at $1.20, down 1.6% on the day.
Negentropic also suggested that the altcoin season may be underway as Bitcoin’s dominance level (BTC.D) continues to drop. They noted that despite the decline in dominance, Bitcoin’s market cap remains stable around $1.9 trillion, setting the stage for altcoins to outperform.
BTC.D currently stands at 55.93%, down 7.54% in the last month, indicating a potential shift in market dynamics favoring altcoins over Bitcoin.
As the crypto market continues to evolve, it is essential for investors to stay informed and monitor key developments in the industry. By subscribing to email alerts and following reliable sources on social media platforms like X, Facebook, and Telegram, investors can stay ahead of the curve and make informed decisions about their investments.
In conclusion, the outlook for Solana and the broader altcoin market appears positive, with potential opportunities for growth and new highs on the horizon. As always, it is crucial for investors to conduct thorough research and stay informed to navigate the dynamic crypto market successfully.