SOL Nears $260 Peak as Solana Leads Blockchain Ecosystems in 2024

• SOL is just 7.6% off from its all-time high of $260. 
• The digital asset has surged 50.05% in the past month alone.
• The Solana ecosystem remains the most popular one in crypto space.

Solana has retained its position as the most popular blockchain ecosystem in 2024, commanding 38.8% of global investor interest, according to a recent CoinGecko report. While Solana’s ecosystem dominance has faced a slight decline, dropping 10.5% since Q1, it continues to outperform competitors with its low gas fees, rapid transaction speeds, and the viral success of Pump.fun, a meme coin platform.

This dominance has propelled SOL, Solana’s native token, to new heights, trading at $241.11—just 7.62% below its all-time high of $260, achieved in November 2021. SOL has surged 9.74% in the past week, 50.05% over the past month, and an astounding 312.01% since November 2023, outperforming both Bitcoin (BTC) and Ethereum (ETH) during the same period.

Solana recently surpassed BNB to become the fourth-largest digital asset, with a market cap of $114.39 billion. However, its trading volume dipped to $8.05 billion, causing a slight price drop of 0.71% in the past 24 hours. 

Altcoin Season Hinges on Bitcoin Dominance Levels

QCP Capital, a Singapore-based digital assets company, stated in a post on Telegram that in order to signal the beginning of the altcoin season, the dominance of Bitcoin must drop to or below 58%. At the time of publication, BTC’s dominance stands at 58.8%, quite close to the desired levels. 

However, the firm also pointed out that investors are not ready to rotate funds into the altcoin market because Bitcoin has yet to claim the $100,000 price level. With a pro-crypto government headed by president-elect Donald Trump, QCP highlighted that BTC at $100,000 is not a pipe dream anymore.