Solana Overtakes Ethereum: Impact on SOL Price?

The crypto markets are displaying mixed reactions as a couple of crypto trends continue to remain neutral. Solana rebounded from the lower support, and Ethereum continues to maintain a bullish streak. While the tokens have been displaying some strength, the other cryptos maintain a neutral trend. 

SOL and ETH prices have been attracting significant gains in the past few days, despite the bearishness that has managed to hinder the progress of the rally. The recent 1000% jump in SOL price has attracted a massive investor base that has raised volume and volatility to a large extent. Besides, the token also received huge attention as Google searches for Solana overtook Ethereum for the first time in history. 

The rise in interest flashes bullish signals for crypto as it displaces XRP and is constantly challenging BNB in the top 10 market rankings. However, the current market trend suggests the bulls may have been subdued by the whales to some extent. Moreover, massive transactions have created ripples across the platform. According to an analytical platform, an investor deposited 303,756 SOL on Binance, intending to extract profits.

This may be the reason that the SOL price faced a notable pullback from the yearly highs above $126. Interestingly, the profits extracted from the rally appear to be flowing back to the top 2 tokens, as the liquidity rotation could be happening towards ETH. Therefore, this may be the reason the SOL price is consolidating. 

Hence, Michael van de Poppe, a well-known crypto analyst, believes the trend may remain in favour of bears, and $70 to $80 could be a good entry for long-term entries.

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