- •Solana’s 200-day EMA holds strong, signaling potential for a rebound.
- •Analyst plans to allocate more to Solana coins amid BNB’s cooling phase.
- •Record $13 billion stablecoin issuance boosts Solana’s ETF approval odds.
Crypto analyst Altcoin Sherpa recently shared an intriguing perspective on X, suggesting that Solana ($SOL) might be the next major cryptocurrency to outperform following BNB’s recent dominance. Accompanied by two detailed charts, the post highlights Solana’s potential as a rotation play after BNB cools off.
The first chart, a long-term $SOL/USDT view, shows the 200-day EMA holding strong, with additional “DATs” (data points) hinting at possible momentum shifts, though their impact remains uncertain. The second chart, comparing SOL/BNB, reveals BNB’s clear outperformance, yet Sherpa sees Solana as a viable candidate for a rebound.
Analyst Bets on Solana Ecosystem Tokens
Sherpa’s analysis points to Solana’s resilience, with the 200-day EMA acting as a key support level. Despite BNB’s recent surge, Solana’s chart suggests it could reclaim attention, especially if institutional interest grows.
The analyst is cautious, avoiding shorting BNB due to its strength, but plans to allocate more to Solana-based coins like STNK and fartcoin in the coming days. This comes amid buzz around Solana’s record $13 billion stablecoin issuance and potential ETF approval, which could drive its price toward $300.
Bitcoin Stability Remains Key to Solana’s Success
The crypto community’s reaction is mixed. Some praise Sherpa’s technical insights, while others humorously challenge traditional analysis with memes. With Solana’s stablecoin inflows leading Layer 1 chains and Wall Street giants like Grayscale eyeing its ecosystem, the stage may be set for a significant move.
However, the trade hinges on Bitcoin’s stability—any pullback could test Solana’s momentum.For investors, this is a watch-and-wait scenario. Solana’s technicals look promising, but the broader market’s direction will be decisive. As October unfolds, all eyes are on whether $SOL can break out or if BNB’s reign continues.