Technical Analysis

SOL dominance nears 3.66%: Will It hit 4% soon?

Published: Oct 18, 2024

Solana dominance consolidates above 3%. A breakout past 3.66% could push it to 4%, signaling major growth. See what levels to watch next.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

Solana is quietly capturing more market share. SOL dominance has been steadily climbing, consolidating just above the 200 EMA at 3.03%. Price is currently at 3.18%, and all signs point to Solana continuing to grow its market share as we head deeper into the bull cycle.

Support: The 200 EMA, around 3%, has been acting as a solid base, keeping Solana's dominance in a bullish structure.
Resistance: Solana is eyeing the 3.66% resistance, and a break above this level could lead to a significant increase in dominance, possibly reaching 4% in the coming months.
Potential scenario: With Solana consolidating just above its support, it's only a matter of time before we see another breakout. Once SOL dominance breaks through 3.66%, expect a major push towards 4%, solidifying Solana's role as a market leader.

Conclusion

Solana's dominance is quietly but steadily growing. With strong support in place, the next breakout could see Solana capture even more market share, potentially reaching 4% in the near future.

6. Daily chart illustrating Solana’s market cap dominance with key resistance and support levels alongside the 2021 ATH benchmark.

Cryptonary's take

The market is coiling up, and the tension is palpable. Both Bitcoin and the Total Market Cap are testing critical levels, and it's becoming clear that the next big move is around the corner. Bitcoin dominance is nearing its peak, but the real story lies in the altcoins-especially Ethereum and Solana.

While we expect Solana to outperform Ethereum during this cycle due to its fast-growing ecosystem and aggressive market positioning, Ethereum is still a crucial long-term player. ETH remains undervalued at current prices, offering a discounted entry point for investors looking for solid returns over multiple cycles.

With increasing institutional adoption and a dominant presence in decentralised finance (DeFi), Ethereum is here for the long run, making it an excellent bet for those thinking beyond this cycle. This is the moment when the bulls need to step up. A breakout in the Total Market Cap above 2.29 trillion could be the signal for the next explosive rally, and when that happens, Ethereum and Solana will be front and centre.

Position yourself accordingly: Solana is set to lead this cycle, but don't sleep on Ethereum's long-term value. Get ready. The market is poised for something big, and when the dust settles, the majors will have paved the way for what could be the most exciting leg of this bull run yet.