btc
$101,144.83
Crossing the $100,000 mark is a big moment.—Not only for Bitcoin but for the entire cryptocurrency industry. It’s more than just a big number, as it becomes a symbol of how far cryptocurrencies have come and how much they are shaping the future of finance.
When Bitcoin is established new achievementsoften generates repercussions on the market and altcoins like Solana
SUN
$218.73
are not an exception.
Solana, known for its ultra-fast transactions and low fees, has built a solid reputation as one of the highest performing blockchains. Its ecosystem is booming with decentralized applications, non-fungible tokens (NFTs), and developer activity.
Did you know?
Do you want to become smarter and richer with cryptocurrencies?
Subscribe: We publish new cryptocurrency explainer videos every week!
How to earn passive money with NFT? (Explained!)
However, with Bitcoin reaching such a huge milestone, what does this mean for Solana? Could Bitcoin’s Big Win Drive SOL Price Up? Bitcoin’s rise could signal big changes for the rest of the market, and Solana’s trajectories could be tied to this historic moment.
Price correlations between Bitcoin and Altcoins
Bitcoin Price trends often influence the direction of the entire cryptocurrency marketand altcoins like Solana frequently follow suit.
A particularly exciting period for altcoin investors is “altseason”, when altcoins start to outperform Bitcoin. This usually occurs after Bitcoin experiences a big rally, leading investors to redirect your funds to altcoins for higher returns.
Tools like the The Altcoin Seasonal Index (ASI) helps investors identify if the market is in an alternate season.. Analyzes the percentage of major altcoins outperforming Bitcoin over a specific time period.
For example, a a reading above 75 indicates that 75% of altcoins have outperformed Bitcoin in the last 90 days, indicating an altcoin season. On the contrary, a reading below 25 suggests a Bitcoin season where BTC outperforms most altcoins.
With Bitcoin surpassing $100,000, the The market seems to be shifting towards altcoins again.. Data shows that many major altcoins have outperformed Bitcoin over the past 90 days, approaching the threshold of altcoin season.
Solana Market Performance During Bitcoin’s $100K Milestone
Before bitcoin reached the $100,000 milestone, Solana showed impressive growth. On November 22, SUN reached a new all-time high of $260surpassing its previous record set four years ago.
Part of this rally came from the rumor around Solana decentralized exchanges (DEX)which reached a trading volume of $109.8 billion that month, almost double Ethereum’s $55 billion. For example, one of Solana’s DEXs, Raydium
$405.96 million
generated $11.3 million in fees.
Furthermore, the Solana Program Library (SPL), particularly memecoins, played a role in this price increase. He The memecoin market saw a surge and its market capitalization reached $20.5 billion.—an increase of 8.8% in 24 hours.
As Bitcoin approached and eventually crossed the $100,000 mark, excitement spread throughout the crypto industry. But for Solana, things began to calm down a bit.
After reaching its high, SOL price decreased to around $240—a 9% drop from its peak. On-chain data showed that investors had removed around 2.2 million SOL, worth approximately $528 million, over a week. This often It signals people who are withdrawing their winnings.which may cool any bullish momentum.
Once Bitcoin crossed the $100,000 mark, the The market experienced increased volatility.. Although SOL had a good rebound, It struggled to maintain momentum and ran into resistance at $220, $233, and $250..
Furthermore, technical signals such as Bull Bear Power (BBP) Signaled Weaker Buying Pressuresuggesting that sellers were beginning to take control.
Factors Contributing to Solana Price Movements
Solana has been attracting attention lately, and rightly so. Its price movements are linked to technological developments and political events.
A big leap for Solana is the adoption of zero-knowledge (ZK) compression technology. this helps reduce storage and transaction costs by using advanced cryptographic techniques, making the network faster and more efficient to use.
The ecosystem is also thriving, with More people use the Internet daily. and a big jump in decentralized finance (DeFi) activity.
Associations with major players like Google Cloud, Amazon and Visa have brought even more attention and resources to the platformhelping you expand your reach and capabilities.
Recent political events, in particular President Donald Trump’s re-election also contributed to Solana’s price changes.. After the elections, Solana reached $214 per coin, which is its highest price since December 2021.
Future prospects for SOL
As of December 13, 2024, SOL is negotiating in $226with a daily trading volume of $2.38 billion.
Recently, SOL saw a 15% drop, falling to $203 during a crypto market downturn. However, it has recovered 8.23%, rising to $220.
This The recovery appears to be supported by growing optimism.as traders have invested $237 million in leveraged long positions, showing confidence in the currency’s potential to continue rising.
The technical outlook is a bit mixed. Some indicators suggest a “Buy” signal for daily and weekly trends. On the other hand, another analysis gives a more cautious “Neutral” ratingwith moving averages leaning towards “Sell”, while technical indicators suggest a “Buy” signal.
Analysts expect Solana price to grow steadily in the near future. By the end of 2024, it is anticipated that SOL could It averages around $237, possibly reaching $247..
Adding to the SOL price prediction, an X user, @TheMoonCarl, stated: “SOL seems to be going up! The goal is $290“.
Looking ahead to 2025, the prediction remains positive, with projections suggesting average prices of around $255 and potential peaks near $270.
Looking ahead, Solana’s growth looks more promising. By 2026, estimates place its price somewhere between $271 and $332, with an average close to $281.
Jumping to 2028, SOL could commercialize between $550 and $681, with an average of around $570.
Final thoughts
Bitcoin hitting $100,000 is a big event for the cryptocurrency market, and it’s no surprise that altcoins like Solana are feeling the impact. Solana had a strong rally before this milestone.but its ups and downs show how unpredictable the market can be.
Still, Solana’s future looks bright. With its innovative technology and renowned partnerships, it is build a solid foundation for long-term growth. While short-term price swings are part of the game, the growing interest in the Solana network shows its potential.
ETH
$3,850.81
The second largest cryptocurrency, rose to $4,071, approaching its yearly high of $4,090 in March 2024. Could this rise be related to Bitcoin’s big moment? Read the full story.
