Solana's Altcoin Saga

'Round and 'round. Solana has dominated the charts lately, continuing to be one of crypto’s strongest-performing assets with 24% gains on the week. While the SOL token is pumping, more than a few of the ecosystem’s tokens have decided to take a break from the action. What happened to Solana alt szn?

For example, the culturecoin BONK, a token some see as a levered bet on Solana, enjoyed a burst of strength against SOL off its Coinbase debut late last week, but the BONK/SOL ratio proceeded to get crushed since then and is down 36% from its Friday close.

Demonstrating a similar pattern of weakness is LST governance token JTO, which has fallen 35% against SOL over the past two weeks after the hype surrounding the token’s launch diminished after just two short days.

Solana-native oracle network Pyth finds itself in a similar situation, with the PYTH/SOL ratio declining a staggering 50% since peaking in late November on four days of post-launch FOMO.

While the underperformance rut every Solana alt seems to eventually get stuck in is no doubt disappointing for holders, they’re not alone: this has been the fate for practically every altcoin.

Alt szn on Solana has not truly commenced yet, though, and we’ve only witnessed glimmers of what it could become. If a period of broader alt strength is about to kick in, SOL’s recent history of outperformance could serve as the dry powder that allows Solana alts to outperform all others!