Solana (SOL) Is on the Rise Again, Outperforming Bitcoin (BTC) and Ethereum (ETH)

According to on-chain data provider Santiment, SOL has jumped 33% since July 4, 2024. This increase is attributed to market skepticism around Solana

Solana (CRYPTO: SOL) price action continued to trade higher on Monday evening, as the token outperformed Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) over the past week.

Solana price now crossed the $170 threshold.

What Happened: According to on-chain data provider Santiment, SOL price increased by 33% since July 4, 2024.

The increase in Solana price comes amid market skepticism around Solana, which is linked to new developments in the exchange-traded fund sector.

CBOE Global Markets recently filed to list a Solana-linked ETF with the U.S. Securities and Exchange Commission. If accepted, regulators will have 240 days to decide on the ETF.

The announcement may have helped Solana price momentum, with the coin seeing over 21% price increase in the last week, outpacing other major crypto seven days to seven days.

Solana price also outperformed BTC and ETH over the past month, with the token’s price increasing by nearly 24%, compared to minimal gains for BTC and ETH.

Solana price is currently seen trading around $172, up 1.3% over the past 24 hours, and still down 34% from its all-time high of $260, which was last seen in November 2021.

Solana price could hit $200 soon, as optimism grows around the token.

Solana Price Analysis: Impressive Recovery, Potential For More Upside

Solana had an impressive recovery in 2023. The token started the year trading at single-digit prices due to challenges within the Solana ecosystem.

Solana price surged from around $9 to $121, a nearly 900% increase, showcasing its resilience and potential for future growth.

Solana price is showing strength and may be poised for further gains in the coming days.

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