Solana (SOL) has recently seen its market capitalization soar above $100 billion, laying the foundation for its native token SOL to achieve a historical new high (ATH).#btc7772
Solana returns to a $100 billion market cap, is SOL's ATH coming soon?
Solana is currently the fourth largest cryptocurrency by market capitalization, recently surpassing the $100 billion mark, joining Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
At the time of writing, the trading price of Solana's native token SOL is $216.43, with a weekly increase of up to 32.6%. In comparison, Bitcoin rose 19.6% during the same period, and Ethereum rose 29.7%.
Recall that SOL's current historical highest price is $259.96, reached in November 2021, during the peak of the cryptocurrency bull market, driven by monetary easing policies in response to the coronavirus pandemic.
However, during the peak of the FTX crisis, this upward momentum of SOL experienced a sharp change, with its price plummeting to a low of $8.68 in November 2022. Therefore, the current market price of SOL has risen nearly 40 times from these lows.
Despite a significant rebound, SOL still has room to rise, potentially reaching new highs in the current price surge.
I believe the SOL/BTC trading pair has broken out of an 8-month horizontal consolidation channel and may enter the 'banana zone' in the fourth quarter of 2024.
For outsiders, the 'banana zone' in trading terminology refers to a phase where the price of the target asset may experience explosive, parabolic growth, resulting in substantial profits in a short period.
This breakout has caused SOL to present an inverted head and shoulders pattern on the daily chart and a cup and handle pattern on the weekly chart, both of which are extremely favorable for altcoins.
Overall optimistic about SOL
As BTC continues to hit new highs above $80,000, the broader cryptocurrency market also seems to follow the price momentum of the leading asset.
Among major altcoins, SOL has the potential to 'disrupt' Ethereum's market capitalization and become the leading smart contract platform.
As of the time of writing, BTC is trading at $82,251, up 3.5% in the past 24 hours.
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