Solana Leads as Analyst Sentiment Turns Bullish Across Five Crypto Assets

Solana posted the strongest reading in a 30-day analyst consensus index covering five crypto assets, as the measure rose for Bitcoin (BTC), Ether (ETH), Solana (SOL), BNB and XRP after July. SOL’s index reached +72 in the Oct. 14 snapshot, with 31 of 34 analysts, or about 91%, taking a bullish view.

Bitcoin’s reading climbed about 67 points during a 103-day comparison, rising from −18.3 on July 2 to +49.2 in the Oct. 14 snapshot. It moved above zero on July 27, when BTC traded at $63,800. In the snapshot, 137 of 164 analysts, or 84%, were bullish. BTC rose about 33% over the comparison.

The current sentiment gain exceeded the one in the 2022-23 comparison, when Bitcoin’s index rose about 36 points, from −1.3 to +34.2. BTC gained 65% in that earlier period, compared with about 33% in the latest one. The index’s rise was larger in the latest comparison, while Bitcoin’s price gain was smaller.

Ether’s index rose from +0.1 on July 1 to +58.3 by the Oct. 14 snapshot. Solana’s reading began at +29.6 on July 1 before reaching +72, the highest of the five assets in the snapshot.

XRP’s index fell to −8.0 on Aug. 20, when XRP traded at $0.99, then turned positive on Sept. 3. Its Oct. 14 reading was +36.7, with 15 of 19 analysts bullish. BNB’s measure bottomed at −10.2 on July 22 and reached +52 by Oct. 14; eight of nine analysts were bullish.

The number of analysts behind the readings varied: the Oct. 14 snapshot included 164 for Bitcoin, 34 for Solana, 19 for XRP and nine for BNB. The index tracks analyst calls, not the views of every crypto investor, and is not a price target.

The analyst pool included 335 people from X, 206 contributors to the index and 433 participants from other platforms. A large language model classified posts, and people manually reviewed changes in analysts’ stated direction. Calls were weighted by recency and prior accuracy to calculate the 30-day measure.