Since the beginning of October, both Ethereum and Solana have demonstrated significant momentum. The two altcoins, ranked among the top 5 cryptocurrencies by market capitalization, excluding stablecoins, experienced a surge of over 12% in the last week, according to data. From a numerical perspective, Ethereum was targeting the $7,900 price point, just shy of the psychological barrier at $8,000.
The altcoin has maintained its adherence to the upward trendline following the bullish reversal. Nonetheless, ETH needs to surpass the $5,000 threshold to achieve the previously mentioned target. The momentum indicator registered a reading of 537, positioning itself above the neutral zone. This value signifies resilience in the price action following a retest of the support level. The bounce off the ascending trendline was marked by significant DEX volume. The data indicated a figure of approximately $2.85 billion at that time. Furthermore, Van Eck pointed out that ETH was nearing the treasury gap with BTC. This indicated the continuous buildup in ETH. In a similar vein, Solana was poised to reach a new high above $300. Lark Davis indicates that the $400 target was gaining significant traction daily.
The post garnered over 232 likes at the time of writing. The momentum was robust, clocking in at 27.79 as of the latest update. This year’s peak value of this indicator reached just below 80, indicating that the current setting has not yet managed to replicate this level. Matt Hougan stated that Solana is set to become a significant player in the crypto space. Institutions found Solana’s speed and finality to be particularly appealing. While Bitcoin seemed abstract to Wall Street, Solana’s involvement in stablecoins and tokenization provided a tangible and scalable solution that resonated with institutional operations. In a conversation with the Hougan stated, “Solana is the New Wall Street.” The $1.2B in stablecoin inflow clearly indicated accumulation. Additional elements influencing the situation included the social sentiment observed.
The conversation regarding the ETH/SOL overlap in the crypto conference meme by Naiive garnered over 1,137 likes. This signaled expansion in the two ecosystems. NFTs on Solana are witnessing a resurgence, garnering 299 likes. The leading 8 NFTs on Tensor experienced an impressive surge of over 15%, with the exception of one that saw a modest decline of just 4%. On Reddit, interactions on the Ethereum daily thread regarding supply and the stablecoin market cap reaching $100 billion were on the rise. In summary, this indicates that ETH and SOL have the potential to reach their targets of $7,900 and $400, respectively.