As Bitcoin (BTC) and Binance Coin (BNB) became the first major cryptocurrencies to set new price ATHs in this cycle, experts are certain that more coins will follow the leaders soon. A CryptoQuant community analyst who goes by Maartunn shared his views.

Solana (SOL), Toncoin (TON) target ATHs, expert says

Solana (SOL) and Toncoin (TON), two major altcoins and key cryptocurrencies of eponymous L1 blockchains, might be the next cryptos to reach price ATHs. The Price Drawdown Heatmap, a chart that displays how far a cryptocurrency is from reaching the price record, has highlighted SOL and TON amid all altcoins.

Such estimations were shared by Maartunn, a CryptoQuant community analyst, in his recent CryptoQuant QuickTake post.

The expert stresses that Solana (SOL) is only 8% below its current ATH, while Toncoin (TON) follows closely at 15% below its peak. 

The Solana (SOL) price reached its all-time high on Sept. 9, 2021, at $216. Toncoin (TON) hit the record price level on June 15, 2024, when the price spiked over $6.82.

TON euphoria was triggered by the popularity of Notcoin (NOT), Hamster Combat (HAMSTER) and a number of other dApps on TON, as well as by the decision by Tether to issue USDT on the blockchain.

Solana (SOL) outperforms competitor by DeFi metrics

Crypto expert Maartunn outlined that both Solana (SOL) and Toncoin (TON) demonstrate strong fundamentals, including active development teams and active networks.

While both cryptos have performed well in this rally, their metrics of DeFi activity follow totally different patterns. For Solana (SOL), the current total value locked (TVL) indicator over $9 billion is almost equal to the ATH set in 2021.

By contrast, Toncoin (TON) reached its peak TVL this summer. Since July, the metric dropped from $769 million to $387 million in equivalent.