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While most eyes are on Bitcoin and Ethereum, Solana has been stealing rails and making big dollar gains because of its own unique tailwind, outperforming $BTC and $ETH. Could this be a sign of what $SOL will look like for the rest of this bull market?
Among the top 20 cryptocurrencies by market cap, Solana is leading in 7-day gains, up 19.3% this week. Only Avalanche has performed better, up 20.5%. However, $SOL gains throughout this bull market far outpaced $AVAX.
$SOL price rises by 1/3 in one month
Source: TradingView
On the daily chart of $SOL, we can see that the price has broken through the upper trend line of the triangle. The important resistance level has now been turned into support, but the price may return to the $174 or $168 levels to retest these levels.
The current price is $180, which is also a support level. Since the beginning of July, the price of $SOL has risen by more than a third, and is up 53% from that point.
$SOL is outperforming the $BTC pairing.
Source: TradingView
The price of $SOL against $BTC continues its upward trend. However, the SOL/BTC pair is in a sideways range. We can see that the recent trend towards the upper end of this range started with a bounce from the 0.618 Fibonacci.
Also, the breakout of the downtrend line occurred exactly at the confluence point in the middle of the range. We can expect $SOL to continue to outperform $BTC at least until it reaches the upper end of the range.
$SOL continues to attract $ETH
Source: TradingView
The same is true for the SOL/ETH pair. Since June 24, $SOL has risen 40% against $ETH. Once again, the main move for this pair has occurred at the midpoint of the range. A breakout of $SOL at this level could potentially give the price a chance to move to the top of the range.
Ethereum's market cap is currently 5x Solana's. If $SOL can break this range, it has the potential to erode $ETH's lead even further. Could $SOL catch up and overtake $ETH? It's possible, but it's more likely to happen in the next bull market. Watch this space.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
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