Solana gains as Altcoin Enters in the Winner’s Circle while ETH, XRP, BTC Make a Pit Stop
The market is transitioning from a Bitcoin-centric phase to an altcoin-led bull market, often called alt season, analysts said.
What to know:
- Solana (SOL) surged nearly 8% to approach $200, marking its strongest price since mid-February and doubling from the April lows.
- Bitcoin (BTC) remained locked in a tight range, while ETH, XRP, ADA booked modest gains.
- Ethereum and Solana are both poised to benefit from institutional interest as higher-beta crypto plays, a Coinbase analyst said.
With bitcoin / BTC languishing around $117,000 and ether (ETH) pausing below $3,800 on Monday, it was Solana’s (SOL) turn to catch-up with the broadening altcoin rally. SOL advanced nearly 8% over the past 24 hours to just shy of $200 during the session, its strongest price since mid-February and has more than doubled from the April, tariff tantrum lows. The token is also nearing a two-month high in BTC terms, attempting a rebound after a brutal, 50% correction against the largest crypto from the January peak.
The rest of the large-cap tokens saw muted actions; XRP at $3.5542
with Cardano’s ADA (ADA) and BNB (BNB) booking modest gains. BTC was down nearly 1% during the same period. As bitcoin has been trading sideways in a tight range for more than a week, altcoins gathered steam booking double-digit advances.
Originally published at coindesk.com
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