The indicator shows that SOL will almost certainly reach begin334.
The correlation between tokens and #ETH is negative, while the correlation with #BTC is strong.
Over the past 7 days, the price of #Solana [SOL] is about to make an impressive jump. According to CoinMarketCap, at the time of publication, the price of #SOL stood at 1,167.12.
That's roughly the same value as 5/25. The SOL is up 52.63% in 1 year from the beginning of the year (YTD). But that's nothing compared to the token's performance in 2023.
However, the recent poor price performance hasn't stopped Solana bulls from betting on an incredible rally. For most SOL holders, the cryptocurrency's price will be at least 5,500 by the end of this cycle.
But in the same set, Solana predicted that it would surpass the historical record of 260 points by the end of the first quarter of 2024. This did not happen, however, as Sol came close to that target on May 3, reaching 210 points.
AMBCrypto analyzed Solana's price forecasts from a supply chain perspective. First, we looked at the correlation between #bitcoin [BTC] and Etherium [ETH].
According to Dune Analytics, the correlation between SOL and BTC is 0.83, indicating that in most cases the price is moving in the same direction.
In the case of ETH, the figure is 0.10, indicating a mismatch between both cryptocurrencies. Consequently, if SOL reaches the 5,500 mark in the near future, BTC will have to surpass the all-time high.
Another metric that AMBCrypto has highlighted is social outperformance. 1 Social outperformance shows the rate of token discussion compared to other cryptocurrencies in the Top 100. \n Is there a good entry point?
According to Santiment, Solana's social advantage was 4,938%. This was down from a 3-month high.
But history shows that social outperformance at low levels can be a good buying opportunity.
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