Solana (SOL) recently saw its market cap surge past $100 billion, setting the stage for a potential all-time high (ATH) rally for its native SOL token.<\/p>\n
Solana, currently the cryptocurrency with the fourth-largest market cap, recently joined the ranks of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) by surpassing the $100 billion mark in market valuation.<\/p>\n
At the time of writing, Solana\u2019s native token SOL is trading at $216.43, marking impressive weekly gains of 32.6%. In comparison, Bitcoin has gained 19.6% and Ethereum 29.7% over the same period.<\/p>\n
To recall, SOL\u2019s current ATH of $259.96 was recorded in November 2021, at the peak of the crypto bull market, buoyed by monetary easing as a measure to tackle the coronavirus pandemic.\u00a0<\/p>\n
However, this upward momentum changed sharply for SOL at the height of the FTX crisis, with its price plummeting to a low of $8.68 in November 2022. SOL\u2019s current market price thus reflects an almost 40x increase from these lows.<\/p>\n
Despite this substantial recovery, analysts believe there is still more room for SOL to rally, potentially setting a new ATH in its current price surge.<\/p>\n
Providing commentary on SOL\u2019s recent price action, Julien Bittel, Head of Macro Research at Global Macro Investor, shared his analysis, saying that the SOL\/BTC trading pair has broken out of an 8-month sideways consolidation channel, potentially moving toward the \u201cbanana zone\u201d in Q4 2024.<\/p>\n
For the uninitiated, the \u201cbanana zone\u201d in trading terms refers to a phase where the underlying asset may witness an explosive, parabolic price appreciation, leading to extraordinary gains in a short period.<\/p>\n
This breakout has positioned SOL for either an inverse head-and-shoulders pattern on the daily chart or a cup-and-handle pattern on the weekly chart, both incredibly bullish patterns for the altcoin.<\/p>\n
Another crypto trader, Bob Loukas, shared his outlook on X, stating that he wouldn\u2019t be surprised to see SOL reaching a new ATH \u201cwithin 14 days.\u201d Loukas hinted that SOL could \u201cget silly\u201d in 2025, suggesting the potential for abnormal gains shortly.<\/p>\n
As BTC continues establishing new ATHs beyond $80,000, the wider crypto market appears to follow the leading asset\u2019s price momentum.\u00a0<\/p>\n
Among major altcoins, SOL has piqued the interest of several crypto analysts due to its potential<\/a> to \u201cflip\u201d Ethereum\u2019s market cap and become the leading smart contract platform.<\/p>\n In related news, Solana\u2019s decentralized finance (DeFi) ecosystem\u2019s total-value-locked (TVL) rose<\/a> to $5.7 billion during Q3 2024, signifying a 26% quarter-over-quarter (QoQ) growth.<\/p>\n