Why is Solana (SOL) price up today?
Solana's price increased by 6.35% in 24 hours, reaching approximately $193.20, amidst a trend of capital flowing from Bitcoin to altcoins. This shift coincided with Bitcoin's market dominance experiencing its worst daily drop since January, falling 1.84% on December 23. An analyst noted that this decrease in Bitcoin's dominance suggests the potential beginning of an altcoin season, where cryptocurrencies like Solana may outperform Bitcoin. Additionally, on-chain activity showed heightened user engagement in the Solana network, evidenced by an increase in total value locked (TVL) to 44.21 million SOL, marking a 217% rise year-to-date. The price increase also follows testing a significant support confluence, hinting at further potential gains. Analysts project that SOL could reach approximately $209.40, representing a 10% increase from current levels.
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