Solana could reach $243 amid predictions of altcoin season

The co-founders of Glassnode, Jan Happel and Yann Allemann, have forecasted a potential bullish trend for Solana (CRYPTO:SOL), suggesting that the cryptocurrency may be on the verge of a significant price increase.

They noted that Solana's robust network activity could provide a favorable environment for growth, especially after it has lagged behind other cryptocurrencies.

Experts anticipate that SOL might retest the $202 to $208 range before experiencing a potential upward movement.

In addition to Solana's prospects, the Glassnode founders highlighted an important trend in the broader cryptocurrency market.

They observed that Bitcoin's (CRYPTO:BTC) market dominance has decreased, which could indicate the onset of an altcoin season.

Bitcoin's dominance currently stands at 55.93%, having dropped by 7.54% over the past month.

“The altcoin season is accelerating! Bitcoin’s dominance is decreasing, but its market value remains stable. As BTC continues to rise, the decline in its dominance creates an excellent foundation for altcoins,” Happel and Allemann stated.

With Bitcoin's market capitalisation around $1.9 trillion, this decline in dominance is viewed positively for altcoins like Solana.

As Solana’s ecosystem continues to evolve, it remains crucial to monitor its performance relative to other layer-1 blockchains such as XRP (CRYPTO:XRP) and ADA (CRYPTO:ADA).

Despite recent challenges, Solana is recognised for its potential due to its expanding ecosystem.

Overall, market participants are advised to keep a close watch on Solana and other altcoins as they navigate current market dynamics and potential bullish trends.

At the time of reporting, the Solana price was $243.08.