Solana Gains Momentum as Analyst Sees Potential to Mirror Ethereum Rally
Solana (SOL) has emerged as a top performer in the crypto market, trading around $211 on Monday—up 33% from early August lows. Over the past month, SOL has risen 34% against bitcoin and 14% versus ether (ETH), reflecting a broader rotation into altcoins.
“The trend of profit redistribution across cryptocurrencies continues,” said Sergei Gorev, head of risk at YouHodler. Capital has been moving out of BTC into second-tier tokens, with SOL and XRP standing out as the “next interesting market ideas,” he noted.
Jeff Dorman, chief investment officer at Arca, expects SOL could replicate Ethereum’s 200% rally earlier this year, which was driven by stablecoin adoption, strong ETF inflows, and persistent demand from digital asset treasuries (DATs).
“SOL appears positioned to follow the same playbook ETH executed,” Dorman said, highlighting that Solana-focused DATs are raising up to $2.65 billion, potentially flowing into SOL over the next month. Given SOL’s market capitalization is roughly one-fifth of ETH’s, these inflows could have an outsized impact on price.
The first U.S.-listed Solana ETF, launched in July, is futures-based, while several firms, including VanEck and Fidelity, have filed for spot ETFs, with decisions expected later this year.
Recent developments may further bolster SOL’s momentum. Galaxy Digital has tokenized its shares on Solana, and the upcoming Alpenglow upgrade promises faster transaction speeds and improved finality.
Dorman summarized the opportunity:
“SOL might be the most obvious long right now. If ETH rose nearly 200% on roughly $20 billion of new demand, imagine what SOL could do with $2.5 billion or more in new flows.”
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