Solana (SOL) has recently faced a challenging price trend as the downtrend has stalled, but the coin is still striving to regain the $200 support level.

Nevertheless, Solana is facing an inconsistency between strong demand and price movement, as investor interest has surpassed Ethereum in recent months.

Solana surpasses Ethereum in demand

Demand for Solana has surpassed Ethereum, as evidenced by the Hot Realized Cap figures. Reports from Glassnode show that Solana's Hot Realized Cap reached $9.5 billion this week, double the $4.1 billion of Ethereum. This reflects ongoing investor interest and increased activity in the Solana network.

"When comparing the levels of new capital flowing into assets between Solana and Ethereum, we see that demand from new investors for Solana, for the first time in history, has surpassed Ethereum. This highlights the strength of Solana's demand. Specifically, the surge in Hot Realized Cap of Solana before entering 2024 marked an important inflection point in the SOL/ETH ratio, with new capital flows playing a driving role in the growth."

Hot Realized Cap of Solana | Source: Glassnode

Although demand for Solana is increasing sharply, the macro momentum of this coin shows mixed prospects. The actual market cap growth of Solana is only 2.19%, significantly lower than Bitcoin's 10.87% and Ethereum's 5.43%. This discrepancy indicates that Solana is losing momentum faster than the two largest cryptocurrencies.

The slower growth in actual market cap indicates that Solana's network activity is not keeping pace with the rising demand. For Solana to regain strong growth momentum, a recovery in actual market cap growth and solid support from the market is needed.

Actual market cap of Solana | Source: Glassnode

SOL Price Prediction

Currently, the price of SOL is struggling to hold the $200 support level, as the price of SOL fluctuates around $185 at the time of writing. This aligns with a bearish outlook in the short term, suggesting that Solana may face strong resistance when surpassing the $200 mark.

Currently, Solana is trading near the $175 support level, and if it loses this support, SOL may need to adjust further, with the next support level at $155. Such a significant decline could deepen market pessimism and delay recovery efforts.

SOL Price Chart 1 Day | Source: TradingView

Nevertheless, if the market can maintain positive signals, Solana could flip the $200 resistance into support, negating the bearish scenario. This could trigger a new bullish rally, pushing the price of SOL to $221 or higher, restoring confidence in the cryptocurrency's growth trend. Sustainable demand and the overall market optimism will be the main drivers for this scenario.

https://tapchibitcoin.io/solana-vuot-troi-hon-ethereum-trong-q3-q4.html