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Reading: Glassnode Founders Anticipate Potential Surge for Solana
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COINTURK NEWS > Solana (SOL) > Glassnode Founders Anticipate Potential Surge for Solana
Solana (SOL)

Glassnode Founders Anticipate Potential Surge for Solana

In Brief

  • Glassnode co-founders predict a bullish phase for Solana following network activity.

  • They highlight potential entry points and the importance of watching market dynamics.

  • Declining Bitcoin dominance may signal the commencement of an altcoin season.

Fatih Uçar
Fatih Uçar 6 months ago
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The co-founders of the crypto analysis platform Glassnode indicated that Solana $152 (SOL) might prepare for a significant rise after being outperformed by its competitors.

Contents
Potential Entry Point for SolanaBeginning of Altcoin Season

Potential Entry Point for Solana

Jan Happel and Yann Allemann informed their followers on social media platform X that Solana could regain value due to its substantial network activity. They emphasized that this situation could create a bullish opportunity for Solana as the crypto asset retraced from a new all-time high.

Experts forecast that SOL might retest the $202-208 range before potentially rising. Currently, SOL is trading at $231 following a 2.3% decrease in the last 24 hours. Meanwhile, XRP and ADA have also faced declines of 7.9% and 1.6%, respectively.

Beginning of Altcoin Season

The founders of Glassnode noted that the decline in Bitcoin $104,666‘s market dominance (BTC.D) could signal the start of an altcoin season. Currently at 55.93%, BTC.D has dropped by 7.54% within the past month, which indicates a favorable environment for the growth of altcoins.

“The altcoin season is accelerating! Bitcoin’s dominance is decreasing, but its market value remains stable. As BTC continues to rise, the decline in its dominance creates an excellent foundation for altcoins.” – Jan Happel and Yann Allemann

With Bitcoin’s market capitalization hovering around $1.9 trillion, the overall strength of the crypto market is seen as a positive sign for the support of altcoins.

As Solana’s ecosystem continues to develop, it is essential not to overlook its performance. Despite trailing behind other layer-1 blockchains like XRP and ADA, Solana is noted to maintain its potential through its growing ecosystem.

In conclusion, it will be vital to observe how Solana and other altcoins perform within the market dynamics. While tracking potential bullish movements for Solana, market participants should also consider overall trends in the cryptocurrency landscape.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 6 December, 2024 - 5:14 am 6 December, 2024 - 5:14 am
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