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ZyCrypto 2024-12-26 07:50:44

Solana Price Spikes, BTC Dominance Slumps: How Close is The Altcoin Season

Solana (SOL) has recorded massive inflows, turning the tide after days in the doldrums. The community dubbed ETH killer picked up gains in price and on-chain activity alongside other altcoins. Meanwhile, Bitcoin (BTC) continued to move sideways, losing strength in overall market dominance. SOL Price Soars 6% Solana’s price is up 6.1% in the last 72 hours alongside surging network activities boosting trading volumes. The asset trades at $194.59, soaring to a market cap above $93 billion. SOL bulls have also picked up new assets and are spotting positive on-chain factors. The new accumulation and offload to other custodians point to possible long-term holdings away from sell pressures. Meanwhile, Bitcoin’s dominance has fallen since it touched its all-time high above $107K. The top crypto’s outflows led to large losses, with traders losing positions. Bitcoin pulled its worst daily trading after the last bull peak on Dec 23, sliding 1.7%. From that point, altcoins have picked up 4.5% of the total BTC ratio, signaling signs of capital flow. This led to a surge in SOL price, an asset tipped to lead the altcoin season. Solana’s rising institutional demand is a major reason for the price gains above other top assets. Traditionally, SOL outpaces the market during bull seasons. Apart from its institutional flows, Solana’s decentralized finance activities continue its forward trajectory with soaring assets under management (AUM). Furthermore, Solana meme coins have attracted a buzz to the ecosystem from its Q1 frenzy to last month’s gains. Meanwhile, Trader Tardigrade wrote on X on SOL, completing a pullback. “ #Solana could potentially have completed the Pullback. $SOL has fallen onto a Supporting Confluence, which comprises of an Ascending Trendline and a horizontal level from a previous top. Early signs of price rejection and rebound have also been observed at the level, giving more confidence in completing the pullback.” Altcoins Records Significant Growth The market correction led to altcoin declines, wiping out gains recorded in November. The outcome of the US elections saw traders pitch a possible altcoin season at the start of 2025. Capital outflows from Bitcoin will characterize an altcoin season as compared to other crypto assets. In the last 24 hours, Ethereum rose 2%, while XRP regained 4% after sharp declines. Cardano and Tron increased 1%, respectively, while meme coins picked up slightly higher gains as traction builds in the ecosystem.

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