Solana’s price reaches a 4-month high, as Bitcoin remains stable while Ethereum and Cardano experience declines

Solana has been making a significant move in the cryptocurrency market, hitting a 4-month high. The price of Solana (SOL) rose by 4.8% and crossed the $200 mark, which is the first time it has done so since March. This surge in price has led to a weekly gain of over 25% for Solana. On Stocktwits, retail sentiment around Solana has also seen an increase, moving into ‘extremely bullish’ territory compared to the previous day. Meanwhile, other major altcoins like Ethereum (ETH) and Cardano (ADA) saw a decline in their prices during the same period.

Bitcoin, on the other hand, has been trading sideways. While the apex cryptocurrency saw a 1% gain in the last 24 hours, its price has remained under $120,000. Retail sentiment concerning Bitcoin has also shifted, falling into ‘neutral’ territory over the past day. Ripple’s native token, XRP, experienced a minor dip of 0.7% after reaching an all-time high of $3.65 last Thursday. Ethereum also faced a decline in price, dropping by 3% and currently trading around $3,700. Despite this drop, retail sentiment around Ethereum remains ‘extremely bullish’ with high levels of discussion on Stocktwits.

Within the top 10 cryptocurrencies by market value, Cardano’s ADA and Sui (SUI) have seen the most significant price declines. Cardano’s price dipped almost 5% over the last day, while Sui experienced a price drop of 3.1%. In pre-market trade, crypto-linked stocks showed signs of opening in the green. Coinbase (COIN), the largest US crypto exchange, saw a nearly 2% increase in early morning trading, with Robinhood (HOOD) rising by 0.59%. Among crypto stocks, Bitcoin miner Riot Platforms (RIOT) showed the most significant gains, increasing by more than 2.5% in pre-market trade. Additionally, Strategy (MSTR) stock saw a rise of approximately 2% after the announcement of the company’s plans to conduct an IPO of five million shares of its Variable Rate Series A Perpetual Stretch Preferred Stock.

This recent surge in Solana’s price, alongside fluctuations in other major cryptocurrencies like Bitcoin and Ethereum, indicates ongoing volatility in the market. Retail sentiment around these cryptos is also reflective of their price movements, with investors closely monitoring the situation. As the cryptocurrency market continues to evolve, these price fluctuations and shifts in sentiment provide valuable insights for investors looking to navigate the ever-changing landscape of digital assets.