Solana Outperforms ETH, BTC: What’s next for SOL Price?
Solana price has been trending higher since September 6, gaining 25% and outperforming Bitcoin and Ethereum. SOL price has increased by 1.8% in the last 24 hours and is trading at $156. Solana did much better than BTC and ETH in Q3 2024, while Ethereum performed the worst of the three. Will SOL continue to post gains in Q4?
Solana Outperformed ETH & BTC in Q3
Solana outperformed Ethereum and Bitcoin in the quarter that ended yesterday. SOL price gained 6%, while Bitcoin price added 1.55%. Contrary to the others, however, the Ethereum price lost a whopping 23% in Q3.
Solana
Bitcoin price performed better than Ethereum owing to the well-performing spot ETFs. According to data from Soso Value, spot Bitcoin ETFs have had over $18 billion cumulative net inflow. On the last day of Q3, Bitcoin ETFs recorded $61.3 million daily net inflow.
On the flipside, spot Ethereum ETFs registered $523 million in net negative inflows, with September 30 recording $822,000 in outflows. The bad performance of the ETH ETFs may be the primary contributor to its bad price performance throughout Q3.
Why Solana Is Dominating the 2024 Bull Run
Solana has been a standout performer so far, and if the past is a predictor of the future, then SOL is poised to dominate the 2024 bull run. Here are some reasons why this could be the case:
Technical Strength: The Solana price chart has shown strong bullish indicators, even during the August 5 and September 6 market crashes. Currently, the SOL price action is forming a bullish pennant, which could propel the asset well over 100% if it breaks out.
Network Growth: The Solana network has registered one of the most exponential growths in the space aside from Sui, Tron, and Ton blockchains. This was mainly because of the meme coin season on the network, facilitated by low transaction fees and fast network speed. Efficiency in the
Strategic Partnerships and Innovative Ecosystem: Solana has formed strategic partnerships and collaborations that enhance its visibility and adoption. The most recent is Solana Pay, an open, free-to-use payment framework on the Solana network.
NEW: @solana DROPS PAYMENTS WITH @PayPal USD ON SOLANA DEMO WITH @phantom MOBILE AND @solanapay
pic.twitter.com/pF0KSSk0v3
— DEGEN NEWS (@DegenerateNews) May 29, 2024
Solana TVL has grown by 3.58% year-to-date (YTD), while Ethereum’s TVL has increased by 0.9% in the same duration. The growth in TVL corresponds to price, as SOL price also rose by 43% while ETH price increased by 12% YTD.
What to Expect from SOL Price in Q4?
Solana price chart shows a long-term upward trend following a significant correction. SOL price is forming a “Cup and Handle” pattern, a bullish continuation pattern.
The handle has been consolidating near the upper boundary of the cup, suggesting a potential breakout to the upside. A breakout above the resistance at $160 will serve as the confirmation trigger for a potential long-term price target of around $2,800 (based on the height of the cup).
The RSI shows a bearish divergence, making lower highs while the price moves higher, indicating a possible pullback or consolidation before a breakout occurs.
Solana price analysis chart
Solana price prediction shows the asset is poised to surge to new all-time highs. Short-term targets are $200, and long-term profit targets range from $350 to $500, with a potential extension toward $2,800 (as per the Cup and Handle pattern’s projection).
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