Solana's token (SOL) is on a tear. It's outperforming major cryptocurrencies in the latest market rebound. The token hit an all-time high against Ethereum (ETH).
SOL reached 0.062 against ETH. That's a 7.5% jump in 24 hours. Weekly gains stand at 13.6%. ETH also fell to a three-year low against Bitcoin (BTC).
The crypto market saw a bounce from Monday's lows. SOL led the pack. It's down only 11% this week. BTC and ETH fell 14% and 25% respectively.
David Zimmerman from K33 Research is bullish on SOL. "After the recent wipeout, SOL and its ecosystem still look good," he wrote. SOL's performance against ETH and BTC impressed him.
Tagus Capital, a UK firm, credits Solana's strong fundamentals. They point to user growth and increased DEX volumes. The overall ecosystem expansion also plays a role.
But it's not all smooth sailing. Rumors are swirling about Jump Crypto. The market maker might be closing shop. Jump was a key Solana supporter early on.
Blockchain data shows Jump moving ETH to exchanges. They've also unstaked $500 million of ETH recently. This could spell trouble for Solana.
Zimmerman isn't too worried. "SOL is showing strength," he says. "If looking for longs, SOL is a clear option." No need to overthink it, basically.
Delphi Digital sees more upside. They predict SOL could hit 0.1 against ETH. That's an 80% potential gain. Not too shabby.
Michael Rinko from Delphi stands by this forecast. "Still think 0.1 is on the table," he says. But he adds a caveat. "It would require some Q4 fireworks, but it's possible."
So, there you have it. SOL's killing it right now. But in crypto, things can change fast. Keep your eyes peeled, folks.