Today Solana and Cardano outperform Bitcoin

In recent days, the price trend of Bitcoin seems to have stalled, with some cryptos like Solana and Cardano performing better.

In reality, to be precise, it has stabilized, although this phase of stability might also last briefly. 

Some altcoins, on the other hand, have remained a bit more volatile, so much so that the altcoin season index of CMC has risen to 56 points, from 48 at the beginning of the month. 

56 points are still too few to imagine the start of an altseason, as they are still very close to the perfect neutrality zone set at 50, but given that a month ago the value of this index even fell below 30 points, there seems to be a temporary trend favorable to altcoins in place. 

Bitcoin Price Analysis Compared to Solana and Cardano

Friday was a day of sustained volatility. 

Despite this, however, the price at the end of the day was more or less the same as at the beginning of the day.

To be honest, since August 25, the price of Bitcoin has been fluctuating around $110,000 or $111,000, which is probably not coincidentally also a level of pure normality during this period. 

In other words, on August 25th it returned to a zone of pure normality, after a month and a half of slight excess euphoria, and since then it has remained more or less there although with slightly accentuated volatility. 

The peak of this period was indeed reached on Friday, above $113,000, but it has now been three days that it hasn’t budged from the $110,000 – $111,000 zone.

However, there is a figure that gives hope. 

In fact, the selling pressure of BTC on crypto exchanges is at the lowest levels of the current cycle, therefore a clear increase in buying pressure, even a small one, would be enough to raise the price, as indeed happened briefly on Friday. 

At this juncture, the key indicator should be the Dollar Index, which has been oscillating around 98 points since mid-August. If it starts to decline, heading below 97 points, the demand for BTC could increase, and with such low selling pressure, this should drive the price up. 

In the world of cryptocurrency, the market sentiment often swings between bull and bear phases. Understanding these cycles is crucial for investors looking to maximize their returns. During a bull market, prices are generally rising, and investor confidence is high. Conversely, a bear market is characterized by falling prices and a lack of confidence among investors.

Staying informed about market trends and utilizing tools like the TradingView widget can help traders make more informed decisions. By analyzing candlestick charts and monitoring key indicators, traders can better anticipate market movements and adjust their strategies accordingly.

Whether you’re a seasoned trader or a newcomer to the crypto space, keeping an eye on market dynamics and leveraging analytical tools is essential for navigating the volatile landscape of digital currencies.

The Trend of Solana

While Bitcoin in the last 24 hours recorded a meager +0.5%, Solana is at +2.4%.

The gap actually narrows if we consider the last seven days, with Solana rising to +4% and Bitcoin to +2.8%, while in the last thirty days Bitcoin falls to -4.7% with Solana instead rising to +15%.

Therefore, it has been a month now that the price trend of Solana outperforms that of BTC, although this is more due to the decline and stabilization of Bitcoin than to any special performance of SOL. 

It should not be forgotten that the annual high of SOL, recorded in January, is also the all-time high, and it was reached above $290, while now the price of Solana is still below $210. The high of Bitcoin, on the other hand, was recorded less than a month ago above $124,000, while now it is around $111,000.

However, on the price of SOL, a decidedly interesting rebound is underway.

After the burst of the mini-bubble generated by the Trump-trade at the end of 2024, the price of Solana in April had plummeted below $110. 

However, by the end of the month, it had regained $150, and in May it managed to make a brief visit to $180.

That first rebound in June, however, halted, but without bringing the price back to the levels of April. 

In July, the second rebound began, after returning to $150, which allowed it to reach $200 for the first time. 

This second rebound seemed to have run out of steam in early August, but in reality, by August 5th, it had already regained strength, albeit starting from a lower level ($160).

Therefore, over the past thirty days, it has risen above $200, with a peak at $216 at the end of August. 

To be honest, with the start of September it came to a halt, but always remaining around $200, almost as if it were ready to start again. 

The trend of Cardano

ADA, of Cardano, is showing a +1.8% compared to yesterday, and a +4.7% compared to seven days ago.

The problem, however, is that compared to thirty days ago it is stuck at +4.9%.

This means that the rebound is much shorter and more contained than that of SOL.

Furthermore, the current price of about $0.84 is well below both the peak of the Trump-trade at the end of 2024, which reached above $1.2, and especially compared to the all-time high of 2021 set at $3.1.

It should be noted that the price trend of Cardano tends to alternate between long periods of relative stability and short moments of spikes, or actual bubbles, like the mini one at the end of 2024. These bubbles then inevitably burst.

It is also true, however, that the annual lows overall seem to be increasing in the long term, with the sole exception of bear-markets compared to speculative bubbles.

Therefore, while on one hand Cardano can perform at its best only for those who engage in trading, on the other hand, holding has also yielded some results in the long term, provided it was purchased at a low price. 

However, for those who trade, it is more interesting to focus on Solana, while for those who hold, it is definitely more interesting to focus on Bitcoin.