Solana Surpasses Ethereum with Record High as SOL Aims for $200 Recovery
Solana has demonstrated its strength by achieving an all-time high against Ethereum, with SOL aiming for a rebound to $200. Despite a setback during Monday’s crypto market crash, the asset has made a remarkable comeback.
Currently trading at $147, Solana has shown a positive trend over the last 24 hours, as reported by CoinMarketCap. The recent crypto market crash caused the asset to drop by over 17% in the past week. However, its resurgence has sparked optimism for a significant rally.
Amidst a turbulent financial landscape driven by geopolitical uncertainties, the US stock market suffered a substantial loss of over $2 trillion, fueling concerns about a potential recession that led to a widespread decline in the crypto market.
In contrast to the overall market trend, Solana has excelled in its recovery phase, reaching an all-time high against Ethereum and setting its sights on $200. The cryptocurrency has surged by more than 7.5% against ETH in the last day and 13.6% in the past week, according to CoinGecko.
On the flip side, Ethereum experienced a dip to a three-year low against Bitcoin, jeopardizing the gains it had accrued following the ETF approval in May. Meanwhile, Solana has emerged as one of the top-performing cryptocurrencies among the top 10 digital assets.
Analyst David Zimmerman from K33 Research noted, “After the recent downturn, SOL and its associated coins continue to show resilience, outperforming other altcoins. SOLETH achieved a new all-time high post-carnage, while SOLBTC also exhibited strength, closing positively amidst the market panic.”
Despite the market crash, Solana has only seen an 11% decline over the week, outperforming Bitcoin, which dropped by 14%, and Ethereum, which plummeted by 25%. This resilience cements Solana’s position among the leading cryptocurrencies in the industry, solidifying its status within the Big Three.
