Solana (SOL) has been struggling to keep up with the pace set by Binance Coin (BNB) in recent months. As the crypto markets continue to fluctuate amid a strengthening US dollar, the Solana price is eyeing a breakout to fresh one-month lows. The bears seem to be in control, with the Solana price below its 21 and 50DMAs, as well as the key $160 pivot area.

Solana's Stagnant Growth

The rapid Solana ecosystem growth seen in late-2023 into early 2024 has stagnated in recent months. The blockchain's TVL has remained stuck below $4 billion, as per DeFi Llama. Meanwhile, fees (a proxy for network activity) have been more-or-less going sideways since April. It's no wonder then that the Solana price has been stuck below $200 since March.

Binance Coin's Rise

Binance Coin, on the other hand, has been making significant strides. Its TVL has also been stuck around $5 billion in recent months. The crypto's recent vault beyond Solana may come as somewhat of a surprise. At its current price of $610, BNB has a market cap of $90 billion. SOL, meanwhile, has a market cap of $68 billion.

Solana Price Prediction

While Solana's long-term price outlook is strong, short-term sell pressure may remain. Elevated post-halving sell pressure from Bitcoin miners may continue to cap BTC below $70,000, harming the broader crypto market. The Solana price could be set for a near-term retest of the key $120 support zone. This could be a great area for long-term bulls to get involved once again, as Solana could easily 4-5x from this area.

Sealana (SEAL) - A Solana Alternative

Solana could post great returns during the current bull run. But higher-risk meme coins within the Solana ecosystem could post even higher returns. One new Solana meme coin that the team at Cryptonews.com thinks has a lot of potential is called Sealana (SEAL). The lovable, South Park-themed Seal has already raised over a whopping $4 million in its presale. Check out the below video by Cryptonews' in-house analyst Arjay to see why the team likes this coin.