Solana Up 24% On The Month, Outperforms Bitcoin, Ethereum: What Is Going On?

Solana's SOL/USD 24% monthly gains, strong total value locked, whale movements and talks of Solana ETFs have prompted traders to predict further price appreciation.

What Happened: Crypto chart analyst Ali Martinez predicts a potential 900% rally for Solana as it has broken out from a bullish pattern. In another tweet, he drew a comparison between Solana's July 2021 and July 2024 levels.

#Solana in July 2021 resembles $SOL in July 2024. Check what happened next. pic.twitter.com/yCgxtF0KL1

— Ali (@ali_charts) July 25, 2024

Crypto trader Jelle also voiced a similar opinion that Solana is still following the “Summer 2021 Playbook” to the dot. The trader added that if a similar pattern is followed, it is “virtually up only from here,” with a final target of $600.

Altcoin Sherpa, in his latest tweet, suggested going long on Solana as meme coins are "still taking off and everyone's denominated in Solana there." He concluded, "Expecting pullback soon but that’d be the dip to buy."

Lookonchain data revealed that two whales withdrew 238,893 SOL, worth $41.4 million, from Binance and staked it.

Also Read: Solana ‘No Longer In Ethereum’s Shadow, SOL Could Outperform ETH,’ Says Expert

Why It Matters: Asset manager Franklin Templeton Digital Assets on Tuesday highlighted that other than Bitcoin BTC and Ethereum ETH/USD, Solana has also shown major adoption. The ecosystem continues to mature and overcome technological growing pains by highlighting the potential of high-throughput, monolithic architectures. The statement came in on the same day when eight other asset managers along with Franklin debuted their spot Ethereum ETFs.

In an earlier tweet, Bloomberg Intelligence analyst Eric Balchunas stated that “the dam has broken” in terms of ETF approvals.

Based on DeFiLlama data, Solana has $5.13 billion in total value locked, up from $1.53 billion in January.

What’s Next: The influence of altcoins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Solana Up 7% And Could Get To 50% Of Ethereum’s Valuation As ‘Most Liquid Election Proxy In Crypto,’ Trader Says

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