Is Solana the Season’s Breakout Star? 30% Growth Potential as It Outpaces Ethereum
Anjali Belgaumkar31 Oct 20242 min read
Bitcoin is currently in an impressive position, having broken above key resistance levels. On the weekly chart, the trend looks strong, and the daily chart confirms a healthy retracement that could establish new support. After months of consolidation, Bitcoin’s momentum is gaining traction, and we’re keenly watching these movements across different time frames.
As Bitcoin continues to lead the market, it’s exerting a gravitational pull on other cryptocurrencies. Bitcoin dominance is hovering above 60% and it’s essential to monitor how altcoins like Solana perform against it. Solana has shown major strength lately, and the question for traders is whether their investments can outpace its gains. Meanwhile, Ethereum, still far from its all-time highs, may be positioned for a resurgence as sentiment shifts.
Solana Taking The Lead
Caleb Franzen of Cubic Analytics appeared on the Thinking Crypto podcast and opened up about the market trends and altcoins. He said that the recent breakout in Solana (SOL) against Ethereum (ETH) has been significant, marking new all-time highs. This setup mirrors previous patterns seen in Bitcoin.
Solana is emerging as a standout performer in the current bull market, especially as Ethereum struggles. This shift indicates that Solana is taking the lead in altcoin flows. The analyst explained the importance of the 200-day moving average cloud as a dynamic indicator of market health. Trading above this cloud suggests a bull market, while trading below indicates weakness.
The analyst is waiting for a close above approximately $232 billion in altcoin market cap (excluding the top 10). A long position would be considered if the market closes above the 200-day moving average and he anticipates a potential upside of 30% for Solana.
However, he said that while Solana is doing better than Ethereum right now, that doesn’t mean Ethereum won’t move; it just might not rise as much. He clarified that they’re not negative on Ethereum itself, just more optimistic about Solana.
