An influential cryptocurrency analyst on Monday identified Solana (CRYPTO: SOL) and Toncoin (CRYPTO: TON) as the next contenders to reach new all-time highs, following the accomplishments of Bitcoin (CRYPTO: BTC).
What happened: JA Maartunn, a well-known market observer and contributor at on-chain analytics firm CryptoQuant, called Solana a “standout,” underscoring that the cryptocurrency was just 8% away from its peak of $263.21.
He also drew attention to Toncoin’s trajectory, which followed closely at 15% below its all-time high of $8.25.
“Both projects are supported by strong fundamentals, including active development teams and active networks,” Maartunn stated. “Given these figures, it seems likely that these coins could follow Bitcoin’s lead in the near future.”
Bitcoin, the world’s largest cryptocurrency, breached $100,000 for the first time in history last week, spurring gains and optimism in the broader market.
SOL has surged 110% year-to-date, reaching a yearly high of $256 last month.
A glance at the technicals showed that the Momentum Indicator and the Bull Bear Power Indicator were flashing ‘Buy’ signals for the fifth-largest cryptocurrency, per data from TradingView.
On the other hand, TON, which jumped 149% in 2024, saw bearish signals from the Momentum Indicator, while the Bull Bear Power Indicator was neutral as of this writing.
For the curious, Bull power and bear power are technical indicators that measure the strength of buyers and sellers in the market, while momentum indicator is used to determine the strength or weakness of an asset’s price trend.
See Also: Ark Invest’s Cathie Wood Hails Bitcoin’s $100K Climb As A ‘Big Deal,’ Labels Apex Crypto As Gold Substitute And Emerging Reserve Currency
Why It Matters: The aforementioned forecasts were made before Bitcoin’s flash crash, which rocked the broader cryptocurrency market.
The total market capitalization plunged 5% in the last 24 hours, with over a billion dollars getting liquidated.
Price Action: SOL plummeted 9.48% in the last 24 hours, trading at $210.65 at the time of writing, according to data from Benzinga Pro. TON was also hit, slumping 15.92% to $5.63.
Photo: Skorzewiak/Shutterstock.com
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