Solana rises faster than Bitcoin ─ Expectations for “extreme movement”

Solana (SOL) and Cardano (ADA) were announced on the 8th (US Eastern hours).

Solana, which ranks fifth in market capitalization, has recovered to the $100 level after offsetting the price drop caused by the five-hour network outage. At the time of writing, the stock is around $102, up 5% in the past 24 hours. Cardano rose further, rising 7%.

Of the CoinDesk 20 (CD20), which represents broad market movements, these are the only two that outperformed Bitcoin's 3% rise. CD20 increased by 4%.

Anonymous crypto trader Wick said Solana could rise further. Recent price action shows that the stock is forming a chart pattern similar to the one it displayed in October and December before the big rally.

“Solana is showing a squeeze area of ​​the shadow line, which usually warns of extreme movement to come.”

$SOL

Solana printing a shaded squeeze area. This usually warns up of an extreme move incoming!

This is max pain move on Solana as everyone put on shorts while the chain was down. I tried to warn everyone to stay bullish 💯

LFG 🟢🟢🟢 pic.twitter.com/bFGS70GxVg

— Wick (@ZeroHedge_) February 8, 2024

Caleb Franzen, founder of Cubic Analytics, said that while other major cryptocurrencies have lagged behind Solana and Bitcoin, the enthusiastic sentiment late last year has reset and the He noted that the overall outlook for the coin market appears to be bullish.

The market capitalization of crypto assets, excluding Bitcoin and Ethereum (ETH), has retested key levels and is now showing signs of rebounding from oversold levels, Franzen said.

“This looks like bullish price action,” he wrote on X (formerly Twitter).

｜Translation: CoinDesk JAPAN Editorial Department
｜Image: CoinDesk
｜Original text: Solana Gains More Than Bitcoin as Trader Speculates an 'Extreme Move' Is Ahead