Solana Gains More Than Bitcoin as Trader Speculates an ‘Extreme Move’ Is Ahead

Solana’s

SOL
and
Cardano’s

ADA
led
Thursday
gains
among
major
cryptocurrencies
as
bitcoin’s

(BTC)
rally
to
four-week
highs
above
$45,000
rejuvenated
the
crypto
market.

SOL,
the
fifth-largest
token
by
market
capitalization,
reclaimed
the
$100
level,
erasing
the
price
drop
when
the
Solana
network
suffered
an
outage
of
five
hours.
It
was
recently
changing
hands
at
$102,
up
5%
over
the
past
24
hours.
ADA
rallied
even
more,
posting
a
7%
advance
during
the
same
time.

They
were
the
only
cryptocurrencies
in
the
broad-market
CoinDesk
20
Index
(CD20)
that
managed
to
outperform
bitcoin’s
3%
daily
advance.
CD20,
which
tracks
the
performance
of
the
largest
crypto
assets,
was
up
4%.

Widely
followed
pseudonymous
crypto
trader
Wick
suggested
there
could
be
further
gains
for
SOL.
Pointing
to
its
recent
price
action,
the
token
is
in
the
process
of
forming
a
chart
pattern
similar
to
the
one
seen
inOctober
and
December
before
big
moves.

“Solana
printing
a
shaded
squeeze
area,”
Wick
said
in
an

X
post
Thursday.
“This
usually
warns
up
of
an
extreme
move
incoming.”

While
other
major
cryptocurrencies
mostly
lagged
behind
SOL
and
BTC,
the
outlook
for
the
broader
altcoin
market
looks
bullish
as
late
last
year’s
frothy
sentiment
reset,
Caleb
Franzen,
founder
of
Cubic
Analytics,

noted.

The
total
market
capitalization
of
cryptocurrencies
excluding
BTC
and
ETH
(TOTAL.3),
a
proxy
for
altcoins
on
TradingView,
retested
a
key
accumulation
zone
and
now
shows
signs
of
bouncing
off
from
oversold
levels,
Franzen
explained.

“This
seems
like
bullish
price
action,”
he
said
in
an
X
post.