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As Bitcoin wavers near $117,000 and Ethereum stalls below $3,800, Solana has taken the spotlight. Solana went skyrocketing nearly 8% in the last 24 hours to just under $200, its highest point since mid-February. SOL has more than doubled since its April lows.
Solana is now approaching a two-month high against Bitcoin, recovering from a sharp 50% dip earlier this year. The surge comes as Bitcoin trades sideways, prompting investors to rotate capital into high-beta altcoins like SOL and Cardano’s ADA.
“This dynamic suggests that capital rotation is underway,” Bitfinex analysts noted. “Historically, this marks the onset of altcoin-led bull phases.”
In the same way, Ethereum recently commanded attention due to its dominance in stablecoin and tokenization infrastructure.
Coinbase’s Head of Research David Duong noted that while memecoin activity on SOL has slowed, the network is proving resilient by maintaining high transaction throughput and exploring new sectors. Even some old sectors are making a comeback, such as NFTs.
“We see both ETH and SOL being supported by institutional interest,” Duong said. “Solana is showing strength in a broadening rally despite a cooldown in meme-based speculation.”
