CryptoQuant: Analysts Are Most Bullish on Solana and Ethereum

• CryptoQuant has shared analysts’ updated consensus on crypto assets.
• 92.9% of experts are bullish on Solana, 84.4% on Ethereum, and 82.5% on bitcoin.

CryptoQuant experts are largely positive about the outlook for the biggest crypto assets. In the updated analyst consensus, which covers 1,708 assets across crypto and traditional markets, Solana received the highest share of bullish ratings — 92.9%.

For Ethereum, the figure stands at 84.4%, and for bitcoin — 82.5%.

XRP futures

CryptoQuant also recorded high activity in the XRP futures market. In September, trading volumes rose compared with August and remained among the highest of the past six months, experts noted.

In September, Binance topped the exchange rankings by XRP futures trading volume — around $32.36 billion. Bybit came in second with $12.5 billion, and OKX took third with around $11.32 billion. CryptoQuant noted that these elevated figures point to strong liquidity and active trader positioning in the XRP derivatives market.

At the same time, volumes gradually declined compared with the previous record highs. Even so, the futures market continues to show strong interest from participants.

Can bitcoin benefit from the midterm elections?

Separately, CryptoQuant analyzed the historical performance of the stock market and bitcoin after U.S. midterm elections.

Experts noted that since 1950, the S&P 500 has risen in all 19 twelve-month periods following midterm elections. On average, its gain was 15.4%. The third year of a presidential term has also historically been the strongest for the index.

According to CryptoQuant, bitcoin rose 12 months after the midterm elections in three instances: up 24.5% after the 2014 elections, up 44.9% after the 2018 elections, and up 92.3% after the 2022 elections.

At the same time, in the first month after the 2018 election, the asset fell by 45.5%. That is why CryptoQuant emphasizes that three observations are not enough to establish a reliable rule.

Analysts also pointed to a divergence between bitcoin’s price and the number of active addresses. According to them, active addresses are not individual buyers and do not directly measure demand for spot bitcoin ETFs.

CryptoQuant advises monitoring bond yield dynamics, demand for bitcoin ETFs, and progress on crypto regulation after the midterm elections. In the analysts’ view, political relief could support bitcoin, but sustained growth requires favorable financial conditions.

As a reminder, VanEck previously forecast $3 million per bitcoin by 2050 and called it a hedge against dollar debasement.

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