The current market looks pessimistic for most cryptocurrencies, including top altcoins like Solana [SOL] which is having difficulty sustaining its gains. However, if considered from a macro perspective, the situation may soon change positively.
History can repeat
Data from CoinMarketCap shows that Ethereum [ETH] price has dropped more than 4% in the past 7 days. In fact, other top altcoins like BNB and Solana also saw drops of 11% and 12% respectively.
In this situation, famous analyst Mustache shared a tweet highlighting some interesting points. This tweet indicates that altcoins are following a similar pattern to 2016–2017. During that time, altcoin market capitalization stabilized near the 2012 market high for a while, before skyrocketing to new highs in 2017.
altcoin-tang
Similarly, in 2024, altcoin market capitalization also stabilized near 2017 highs. Therefore, if history repeats itself, investors could soon see altcoins, including SOL, reached new highs.
Is Solana leading the altcoin rally?
Bitcoin Magazine will analyze SOL's on-chain data to see if there is any hint of an impending price increase. According to data analysis from Santiment, SOL's weighted sentiment index has improved after falling on June 9.
This means that the bullish sentiment surrounding the coin has increased in recent days. Additionally, SOL's social volume index also remains high, reflecting its popularity in the cryptocurrency space.
