Solana Plays to New Cycles and Peaks

CoinDesk 20 Index: 2,927.56 +1.66%

Bitcoin (BTC): $90,660.93 -0.34%

Ether (ETH): $3,085.79 -1.21%

S&P 500: 5,870.62 -1.32%

Gold: $2,592.87 +1.2%

Nikkei 225: 38,220.85 -1.09%

Solana (SOL) rose above $240 for the first time in three years during this period when Bitcoin (BTC) paused at $90,000. SOL has risen 4.3% in the last 24 hours, outpacing the CoinDesk 20 Index’s overall gain of 1.6%. Meanwhile, bitcoin pulled back before US trading hours to trade just above $90,000. Investors continue to capitalize on the record rise since Donald Trump’s election victory. However, it is thought that this pause of BTC may be temporary. According to BCA Research’s fractal pattern analysis, the price of bitcoin could rise to $200,000.

Bitcoin (BTC) and everything related to cryptocurrencies have been incredibly active since Donald Trump won the US presidential election on November 5. Data tracked by JPMorgan and other analysts suggest things are getting crazy and investors should be wary of potential volatility. JPMorgan’s retail sentiment score rose to 4 last week as BTC surpassed $93,000 and inflows into U.S.-listed spot ETFs and crypto stocks surged. In a note to clients last week about the imbalance in retail transactions, JPMorgan wrote: “Following the election results, demand for Bitcoin ETFs gained additional strength (IBIT +3.4z). The demand for Bitcoin is also reflected in COIN (+6z). Sentiment scores of the Bitcoin family (both physical ETFs and others) reached a sigma high.”

XRP rose above $1.20 over the weekend, reaching a three-year high. Futures positions also reached record levels. On Sunday, the open position volume of XRP derivatives exceeded $ 2 billion, increasing the expectation of volatility in prices. This rise was fueled by optimism that a crypto-friendly Trump administration would give an advantage to tokens linked to US-based companies such as Ripple Labs. Additionally, the addition of Ripple’s RLUSD stablecoin and Société Générale-backed euro stablecoin to the XRP Ledger could increase institutional adoption of the network.

The long-standing triangle formation in the Solana-Bitcoin (SOL/BTC) rate was broken upwards, indicating that SOL may show a better performance in the coming period.