2024-12-19 19:36 |
Crypto assets have picked up bullish momentum in the last 48 hours as macro sentiments flip green. Following Bitcoin’s surge to a new all-time high, altcoins have traded upwards in the same time frame. This surge has seen several analysts speculate fund movements between assets. Ethereum’s significant jump above $4K could lead to flows to other top smart contract blockchains like Solana.
Solana To Gain On ETH FlowsSolana has outpaced other altcoins in bull cycles and picked up flows from other networks’ decentralized finance (DeFi) volume. This is due to the network’s growing smart contract popularity and surging institutional demand as bulls await spot SOL ETF approval by the United States Securities and Exchange Commission (SEC).
On Dec 17, early trading saw ETH retest the $4K mark, breaking past the psychological level. The asset is up 2% today and 7.7% in the last seven days, raising optimism about a wider swing in altcoins. Ethereum has also recorded flows to its DeFi ecosystem as activities spiked since the outcome of the U.S. presidential elections.
With these inflows to the altcoin leader breaking a key resistance level as projected by analysts, other tokens are gaining traction. Solana, an institutional favourite, has been up 5% in the last 24 hours to trade at $225, while weekly numbers also grew by 5.2%. Aside from previous events in which Solana led the altcoin run, speculations on its price are propelled by key factors.
Institutional flows on the back of anticipated ETF approvals have seen SOL notch major wins. Several bulls target a $250 price in the short term from the next price rally. While trading volumes are up 26%, the total volume locked on the ecosystem stands at $9.07 billion, with a surge in daily fees and active addresses.
SOL Fundamentals Remain StrongSOL price remains bullish alongside the wider market, and coupled with whale accumulations, commentators suggest a major uphill swing is on the cards. The asset also outperformed Bitcoin after the latter’s institutional inflow cooled following the Q1 jump.
Meme coins are also a major driver of the ecosystem with major tokens recording skyrocketing inflows. Crypto enthusiast Alpha_pls explained the growing dominance of SOL compared to other assets.
“SOL did spectacularly well against BTC because it became the leading L1 during the last 18 months. Much of the outperformance was a repricing based on fundamentals. It’s still in pole position with users and volume, if we are in a raging bull market in 2025 then all of adoption will continue to go up. I’m a fundamentals guy, not a trader or TA specialist. I firmly believe that fundamentals eventually reflect on the chart, though.”
Similar to Notcoin - Blum - Airdrops In 2024
Blockchain Traded Fund (BTF) на Currencies.ru
|
