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Solana Hits All-Time High Against ETH
Amid ETH's drawdown, SOL's ether-denominated market cap has reached new heights.
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Solana has led the recovery for crypto since Monday, even reaching an all-time high against ETH at 0.062, after rising 7.5% in the last 24 hours and 13.6% over the past week.
What’s the scoop?
- Market Performance: SOL was the best performer among crypto's top tokens, down ~11% on a weekly timeframe, while BTC and ETH fell 14% and 25%, respectively.
- Support From Fundamentals: Analysts attribute Solana's strength to consistent growth in active users, large increases in DEX volumes (especially the last few days), and ecosystem expansion, like in LSTs and RWAs.
- Jump Scares: Rumors about Jump Crypto, a key player in the Solana ecosystem, possibly shutting down its crypto wing could still unsettle the market. Despite this, SOL remains strong, with analysts projecting a potential 0.1 price ratio with ETH in Q4, representing an 80% upside.
Bankless Take:
The fastest horse out of the gate, Solana continues to demonstrate that it can hold its own against Bitcoin and Solana. The diversity of its ecosystem which we’ve written about in previous weeks increasingly lends Solana solid fundamentals to support it amidst market downturns.
