By Michael Scott
Analysts are bullish about Solana’s breakout as Ethereum and Cardano lead altcoins with impressive gains.
The bullish call on Solana emerged as it joined Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) in a solid upward trajectory. Analysts attribute the bullish steam fueling the post-election rally in altcoins to the market optimism that the Donald Trump administration will support crypto assets.
Solana Surge as Altcoin Season Begins
Aware of the pro-crypto pronouncements by Trump, analysts, and traders consider SOL harboring immense potential for further surge to print a new all-time high (ATH). A look into the daily charts shows Solana is 28.2% up in the seven-day run despite a slight 1.8% intraday dip to change hands at $214.05 per CoinGecko data.
The optimistic projection by analysts coincides with Ethereum’s 34% jump to $3,289.27 in the seven-day run trailing DOGE which climbed 127% in the week-run to trade at $0.3834. The latter has ceded some ground after surging 145% to set a three-year high price at $0.4346 per CoinGecko data.
The Dogecoins spike to set its 24-hour range of $0.3214 – $0.4346 in turn pushing the market value above the $60 billion. The memecoin uptrend leverages rumors that Elon Musk has an active role in the Trump administration. The Musk news is bolstering DOGE trading volume to $47.201 billion, a 109.90% increase in the past 24-hour theory rise in the market activity.
Cardano soared 80% in the seven-day spell as it set a day’s peak at $0.6447. Despite the 4.9% dip in the past 24 hours to $0.5785, ADA trading volume rose 27.80% to $3.049 billion representing increased market activity.
Crypto traders believe the altcoins are on course to realize their best surge despite their trading volume exceeding $100 billion. However, the top ten largest altcoins accounted for 70% of the trading volume.
Venture Capitalists Confirm Solana’s $600 Target
Ethereum leads the charge with $62.39 billion in trading volume ahead of DOGE’s $40 billion in the past 24 hours. Solana outperformed XRP with $11.873 billion in trading volume relative to the latter’s $10.825 billion per CoinMarketCap data. Despite the underperformance of Solana in trading activity relative to ETH and DOGE, venture capitalists are bullish on SOL, with some forecasting a $600 target.
Despite analysts profiling the recent bull run as the desired Bitcoin season, altcoins are in hot pursuit. In context, Bitcoin’s 30% gain in the week falls short of the altcoins whose surge outshines the premier crypto value.
Ethereum week-on-week gains trail Ethereum though below the 80% rally in ADA during this period. Besides the pair, Dogecoin emerged as the black sheep with a 145% price increment to print a three-year high.
A comparative outlook on DOGE and SOL during the US election week reveals a historic $29 billion for the memecoin trade. Kaiko analysts report DOGE attained yearly high trade volume at $29 billion, $5 billion higher than the SOL’s $24 billion.
Kaiko analysts report the altcoin trading volume blast above the $100 billion. However, the top-ten ranking altcoins accounted for 70% of the volume.
Given the multitude of altcoins, it becomes difficult for their surge to sync with BTC’s upward trajectory. Analysts consider that only the well-known projects among the altcoins will replicate, match, or outperform the Bitcoin uptick.
A recent MV Global survey illustrates that 70% of respondents consider altcoin season will benefit select coins.
Experts Confirm SOL $600 Target
The MV Global analysts illustrate the present bull run and anticipate it will last till next year. The survey results portray a probable peak that could arise in Q3 and Q4 2025.
The MV Global partner Tom Dunleavy reveals that the majority of the institutional investors back the sentiment, thus pricing into the market.
The survey had 30% respondents predict SOL will sustain solid momentum to attain $600 during the current bull cycle. While the prediction is a bullish expectation, SOL is at press time trading for $212.99 following the 273.4% leap over the past year per CoinGecko.