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The co-founders of the crypto analysis platform Glassnode indicated that Solana (SOL) might prepare for a significant rise after being outperformed by its competitors.
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.
Beginning of Altcoin Season
“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
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.