Solana Price Analysis: SOL Surges 30%, Outperforms ETH, Eyes Bitcoin’s Lead
The post Solana Price Analysis: SOL Surges 30%, Outperforms ETH, Eyes Bitcoin’s Lead appeared first on Coinpedia Fintech News
Bitcoin (BTC) is currently in a price discovery phase, driven by the historic win of Donald Trump and other pro-crypto candidates in the US Senate and House of Representatives. At the same time, the altcoin market—led by Dogecoin (DOGE), Ethereum (ETH), and Solana (SOL)—has also gained impressive bullish momentum.
As of Thursday, November 7, during the early New York session, Solana’s price surged by over 30% in the last 30 days, reaching around $187.
Rejoice – Solana Breaks Out!After a strong rally, Solana has broken out of a macro consolidation phase. With a fully diluted valuation of about $110 billion and a daily trading volume of more than $6 billion, the coin is showing significant growth. However, for this momentum to continue, SOL must consistently close above the weekly falling logarithmic trend to avoid a potential fakeout.
$ETHUSD vs. $SOLUSD (same period)
A trader's perspective
Both are poised for upside BOs to join Bitcoin
But notice, SOL breaking out into new highs
ETH chewing into overhead resistance (supply)
I always favor new highs and prefer SOL
Only those supporting @elonmusk can reply pic.twitter.com/rzQCZOjP9c
Famous trader Peter Brandt believes Solana is on track to follow Bitcoin into its price discovery phase in the near future. Additionally, the SOL/ETH trading pair is already in price discovery, showing that Solana is gaining more demand compared to Ethereum.
.article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } What’s Fueling SOL Bulls?The Solana network has emerged as a top contender in the web3 space and real-world assets tokenization. According to the latest market data as of this report, the Solana network had a total value locked of about $6.6 billion and a stablecoins market cap of around $3.7 billion.
