- Analyst Inmortal predicts that Solana (SOL) will outperform Bitcoin and Ethereum this cycle.
- Solana, along with Bitcoin and Ethereum, has shown signs of recovery after a tough week.
Pseudonymous crypto analyst Inmortal has identified Solana (SOL) as a standout performer in the current cryptocurrency cycle. Inmortal says Solana is ready to outperform Bitcoin and Ethereum in terms of performance. He refers to SOL as the “fastest horse” in this market cycle, implying that the asset’s upward trajectory will likely remain superior to that of other leading cryptocurrencies.
Solana is the fastest horse of this cycle.
It will keep outperforming $BTC and $ETH.
You don’t have to be the smartest guy in the room to know that.$SOL
— Inmortal (@inmortalcrypto) July 28, 2024
Inmortal’s optimism stems from Solana’s historical price action. Comparing the current market environment to Solana in late 2020, he believes a parabolic move could be on the horizon. In a recent analysis by Inmortal, if Solana can penetrate through the current resistance level of $200, a major price surge is expected.
At the time of writing this, Solana is trading at $181, registering a 24-hour decline of 6%.
Inmortal’s prediction is based on technical analysis, and if SOL persists with the upward trend, a noteworthy price surge could be expected. On the analyst’s chart, breaking the $200 resistance level may result in a massive rise in the price of Solana.
Trading volumes surge for Bitcoin, Ethereum, and Solana
Following a tough week where Bitcoin, Ethereum, and Solana prices had either dropped or remained constant, the crypto market has shown signs of a rebound. By the end of the last week, these major cryptocurrencies bounced back significantly. Ethereum’s price rebounded to the $3,000 mark, Bitcoin neared the $70,000 mark, and Solana was close to hitting $200.
According to Santiment, trading volumes of Bitcoin, Ethereum, and Solana have risen at the end of the week. This rise shows increased market attention and participation. An increase in trading volume is usually an indication that investors are keenly involved in the market, especially when prices are going up.
At the time of this writing, Solana’s market capitalization was $88. 5 billion. This increase marks a 56% improvement over the lows that were noted in July. The upward trend is expected to continue in Q3 2024 if Solana stays bullish.
Data from Blockworks Research shows that Solana made around $25m in revenue while Ethereum made around $21m. This milestone shows that Solana is gaining more traction in the blockchain industry.
Memecoin trading boosts Solana’s recent gains
Rewards for staking on Solana also attract attention. As of the time of writing, as reported by 21. co’s Dune Analytics page, Solana stakers have received over $32 million in rewards, with the current rate sitting at around 7%. On the other hand, Ethereum’s staking reward is about 3.3% APR according to staking rewards. This difference shows the better incentives for Solana stakers than the Ethereum stakers.
Most of the gains realized by Solana in the recent past can be attributed to the rise in the trading of memecoins. Platforms like Pump. Fun and Moonshot, which are based on the Solana blockchain, have been quite active recently. The memecoin market has now hit a valuation of over $50 billion, which is resulting in high revenues and trading volumes on Solana.
