Why Solana (SOL) Will Continue to be One of the Biggest Movers During This Bull Market

Solana has been on an absolute tear recently, with gains of 127.90% in the last month, 29.73% in the past week, and 5.56% just in the last day. According to technical analyst Jacob Canfield, Solana is poised to continue as one of the top performers in the current crypto bull cycle for several key reasons.

Huge Room for Market Share Growth

As Canfield notes, Solana currently comprises less than 3% of the total crypto market cap, peaking around 2.7% at its all-time high. In contrast, Ethereum makes up nearly 20% of the market. This suggests Solana has substantial room to grow its dominance, especially as Ethereum loses ground breaking below key support levels. If Solana can triple or quadruple its market share to 12-15%, its price could easily eclipse $1000 per coin.

Outperforming Top Cryptos

Solana is already dramatically outperforming both Bitcoin and Ethereum recently based on key technical indicators. As Canfield highlights, the SOL/BTC and SOL/ETH pairs are breaking out above weekly resistance trendlines and appear ready for parabolic rallies against the two largest cryptos. Again, this shows Solana’s strength relative to the broader market.

Next-Gen Tech Attracting Developers

A key driver of Solana’s momentum is its fast, low-cost blockchain capable of 50,000 TPS. This is attracting major institutions like Google, Amazon and Circle, along with an explosion of DeFi protocols, NFT projects, wallets, oracles, gaming apps and more. As developers build the Solana ecosystem, network effects take hold.

Canfield goes on to highlight numerous projects across DeFi, NFTs, infrastructure, and more that are worth watching as the Solana ecosystem expands. This includes automated market makers like Orca, liquid staking protocol Marinade Finance, meme coins, data dashboards, wallets, and NFT collections.

He also lists key founders, developers, and influencers who have been behind Solana from the start and remain dedicated to its future success. These include Anatoly Yakovenko, Raj Gokal, and others who weathered the FTX fallout and are forging Solana’s path as an independent chain.

Finally, Canfield notes there is likely still innovation to come on Solana that could produce the next breakout decentralized apps and unicorn projects.

Read also:

Combined with extreme growth potential in market cap and key technical breakouts, Solana seems poised to surge higher during this bull cycle. Its speed and capabilities make it a top contender to unseat Ethereum as the leading smart contract platform over the long-term. The expansive development activity and institutional interest seen so far is likely only the beginning if Solana can continue gaining market share in this bull run.

We recommend eToro

74% of retail CFD accounts lose money.
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com


Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency