The native coin of Solana is making headlines by going against the grain, recently exceeding $176, which has caught the attention of the crypto community. This rise is particularly astonishing considering the prevailing negativity surrounding crypto just weeks ago, with many analysts foreseeing hardships for this altcoin.
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However, Solana has beaten expectations, not only increasing in value but also in market trust. Analyst Miles Deutscher notes that this rise aligns with a broader boost in positive sentiment towards Solana, igniting conversations throughout the industry about its potential.
Solana sentiment and mindshare keeps going through the roof.
But the run is far from over.
I just uploaded an important $SOL update, including:
• My price prediction
• My top ecosystem picksIf you hold Solana, you need to watch this video 👉https://t.co/fsa8qabYHE pic.twitter.com/KX7xeG3gkn
— Miles Deutscher (@milesdeutscher) October 24, 2024
Technical indicators suggest an even more promising future for the fifth-largest altcoin. Experts assert that Solana’s current path, validated by a bullish pennant pattern, implies that SOL could soar to $260 if it manages to clear resistance levels.
📈 Solana is outperforming most altcoins as prices are looking to rebound after a big fall Wednesday. The #5 market cap asset continues to exemplify how the crowd often gets it WRONG. See the current bearish sentiment as a sign that SOL can keep pushing upward. pic.twitter.com/pRkCnyxRxh
— Santiment (@santimentfeed) October 23, 2024
Growing Interest and Technical Signals
As Solana’s price climbed, observers noted a significant increase in positive perceptions about the asset. Data shows that the volume of discussions regarding Solana has played a crucial role in the bullish sentiment observed.
Mindshare (a measure of the proportion of crypto discussions centered around a coin) remains high. According to Deutscher, the heightened focus on Solana indicates that there is still considerable room for growth, even against the backdrop of the current market trend.
Though some investors remain cautious, analysts suggest that the technical landscape is still conducive. If SOL surpasses its current resistance, the bullish pennant formation typically indicates further price increases. If Solana can break free from its existing range, its token price could be positioned for a significant rise towards $260.
The Ethereum-Solana Competition
Interestingly, Solana’s resurgence coincides with remarks made by Ethereum co-founder Anatoly Yakovenko, who expressed admiration for Ethereum. Although Solana and Ethereum are in competition, Yakovenko has recently lauded Ethereum’s foundational technology and expressed appreciation for its overall design and objectives.
I like @BanklessHQ and Ethereum. I even admire the design and vision of Ethereum. If tasked with creating an alternative to Bitcoin, I would steer the engineering towards an Ethereum settlement layer focused design.
If that’s the goal, Ethereum can just embrace all the…
— toly 🇺🇸 (@aeyakovenko) October 24, 2024
This intrigue stems from the longstanding competition between the two networks, each striving to offer superior decentralized applications and smart contracts functionalities.
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Ethereum has been the go-to protocol for developers for years, but Solana, often touted as an “Ethereum-killer,” has rapidly gained traction due to its performance and lower transaction fees. Yakovenko’s acknowledgement signals a maturing ecosystem in which rivals can appreciate each other’s advancements in blockchain technology.
Outlook and Market Sentiment
In the meantime, Deutscher is optimistic that Solana’s price could potentially double or even quadruple, especially if Bitcoin reaches new heights, such as $100,000. SOL’s resilience in the face of recent downturns suggests that it boasts a robust community and long-term supporters. For now, SOL is a cryptocurrency worth monitoring, and with rising sentiment and favorable technical indicators, it seems poised to continue surpassing expectations.
Featured image from Pintu, chart from TradingView
