2024-12-12 20:08 |
A crypto analyst has tipped Solana (SOL) and Toncoin (TON) to break new all-time highs as activities ramp up. Altcoins have grown significantly since Bitcoin’s price moved to the $80,000 mark as traders looked to maintain buying confidence. Among other positives are institutional demand, a spike in retail investors, and decentralized finance (DeFi) activities.
A new CryptoQuant report projects SOL and TON to become the next digital assets to hit all-time highs after Bitcoin and BNB. According to him, both projects are supported by strong on-chain factors that can swing the price of assets. The broader market movement adds to this projection with an influx of retail traders.
“Following Bitcoin, Binance’s BNB has already reached its all-time high. Among other contenders, Solana (SOL) is a standout, sitting just 8% below its ATH, while Toncoin (TON) follows closely at 15% below its peak. Both projects are supported by strong fundamentals, including active development teams and active networks. Given these figures, it seems likely that these coins could follow Bitcoin’s lead in the near future.”
Solana and Toncoin Clinches Explosive YearSolana has recorded an upward twelve-month swing to a new all-time high before a market correction. This came two years after the collapse of FTX, which sent its token downward alongside DeFi volumes. Solana’s possible upward march is expected to flow from institutional investors amid anticipation for spot ETFs in the United States.
Like Bitcoin, spot Solana ETFs are expected to attract large sums with signs already seen in its weekly institutional flows. Similarly, meme coins also led to a break out this year for the asset, with tokens making 100X gains, igniting the wider community. SOL exchanges hands at $227, down 4% today, while weekly numbers move sideways.
On the other hand, TON trades at $6.4, marking a similar loss of 4%. Although on-chain factors are positive for the asset, recent numbers are crawling. This year, TON is up a staggering 184% following surging ecosystem activities.
Bitcoin and BNB Drives SparkBitcoin maintains its dominance, hitting new all-time highs and inspiring the market to new levels. The top crypto price soared above $100K, setting the tone for altcoins.
Over the years, price swings in Bitcoin led to altcoin season in the latter stages of the cycle. Last week, BNB’s price gained significant momentum, tapping an all-time high on Dec 4. Several commentators noted that the sequence of events could drive other assets.
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