Solana Outperforms ETH, BTC: What’s next for SOL Price?

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Since September 6th, Solana’s price has been steadily increasing, with a surge of 25% that outshined both Bitcoin and Ethereum. In the last day alone, the value of Solana has risen by 1.8%, currently trading at $156. Compared to Bitcoin and Ethereum in Q3 2024, Solana stood tall with exceptional performance, while Ethereum struggled the most among the three. The question remains: Will Solana’s growth continue in Q4?

Solana Outperformed ETH & BTC in Q3

In contrast to Bitcoin and Ethereum, Solana saw significant growth in the recently concluded quarter, with its price increasing by 6%. Bitcoin experienced a more moderate increase of 1.55%, while surprisingly, Ethereum’s price plummeted by a substantial 23% during Q3.

The price of Bitcoin outperformed Ethereum due to the success of Bitcoin-based exchange-traded funds (ETFs). According to Soso Value’s data, Bitcoin ETFs have seen a total of over $18 billion in net inflows since their launch. On the last day of Q3 alone, Bitcoin ETFs had a daily net inflow of approximately $61.3 million.

Conversely, Ethereum ETFs experienced a total of $523 million in withdrawals, with a daily outflow of $822,000 on September 30th. This poor inflow could potentially be the main factor behind its less-than-optimal price performance during Q3.

Why Solana Is Dominating the 2024 Bull Run

Looking ahead, Solana appears to be leading the pack, and there’s a strong possibility that its native token, SOL, will take center stage during the 2024 bull market. Here are several reasons that might make this prediction come true:

    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

— DEGEN NEWS (@DegenerateNews) May 29, 2024

Over the course of the year so far, the total value locked (TVL) in Solana has experienced a 3.58% increase, contrasting Ethereum’s 0.9% growth during the same period. Notably, the surge in TVL is mirrored by price movements, as the value of SOL has climbed by approximately 43%, whereas ETH has risen by only 12% within the same timeframe.

What to Expect from SOL Price in Q4?

The Solana price graph indicates a sustained uptrend after experiencing a substantial adjustment. Currently, the Solana (SOL) price is shaping like a “Cup and Handle” formation, which is typically a positive signal for further price increases.

The grip area has been holding steady close to the top limit of the saucer shape, hinting at a possible upward surge. If we see a breach above the resistance level of approximately $160, it would signal the start of a potential long-term price increase towards around $2,800, roughly equivalent to the size of the cup.

In simpler terms, the Relative Strength Index (RSI) is signaling a potential reversal, as it’s creating smaller peaks (lower highs) while the market keeps advancing. This could suggest that a temporary decline or pause (pullback or consolidation) might happen before the market resumes its upward trend.

Based on current Solana price predictions, it appears that this asset is ready to reach unprecedented peaks. In the near future, we might see it reaching around $200. For long-term investors, potential profits could range between $350 and $500, with a more ambitious target of approximately $2,800 if the Cup and Handle pattern holds true.

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2024-10-01 18:00