The post Solana Outperforms Ethereum: Will This Change Aganist SOL Price? First appeared on Coinpedia Fintech News
Cryptocurrency markets are seeing mixed reactions as several cryptocurrency trends continue to remain neutral. Solana has bounced back from low support and Ethereum continues to remain strong. While the token is showing some strength, other cryptocurrencies are maintaining a neutral trend.
SOL and ETH prices have shown significant gains over the past few days despite weakness hindering the progress of the rally. The recent 1000% surge in SOL price has created a large investor base, resulting in a significant increase in trading volume and volatility. Additionally, Google searches for Solana surpassed Ethereum for the first time in history, garnering significant attention for the token.
The increase in interest signals a bullish signal for the cryptocurrency as it replaces XRP and continues to challenge BNB in the top 10 market rankings. However, current market trends suggest that the bulls may have been overtaken by the whales to some extent. Moreover, large transactions have had ripple effects across the platform. According to the analytics platform, one investor deposited 303,756 SOL on Binance to generate profits.
This may be why the price of SOL has fallen noticeably from its yearly highs above $126. Interestingly, the profits extracted from the rally appear to be flowing back to the top two tokens, as liquidity cycles may occur towards ETH. So this may be why SOL prices are consolidating.
thus, Michael van de Poppea well-known cryptocurrency analyst, believes that the trend may still favor the bears and that $70-$80 could be a good entry for the long term.