In August, Ethereum’s price hit a record high of $4,955, but it has not been able to break past the $5,000 threshold since then.
Ethereum (ETH) may not have a clear lead over the rest of the altcoin market in September, according to a recent poll of retail investors on Stocktwits.
Asked whether ETH would lead altcoins or lag, 46% of respondents said Ethereum will continue to set the pace for the broader market. By comparison, 40% believe other altcoins will outperform ETH, while 14% see no clear edge between the two.
In August, Ethereum’s price hit a record high of $4,955, but it has not been able to break past the $5,000 threshold since then. The leading altcoin has historically acted as the bellwether for altcoins, with periods of strength often coinciding with renewed capital inflows into smaller tokens.
However, so far in September, Ethereum’s price has only gained 5% while emerging layer-2 projects like Solana (SOL) and Avalanche (AVAX) have surged ahead. On Stocktwits, retail sentiment around Ethereum fell to ‘extremely bearish’ from ‘extremely bullish’ over the past month.
In contrast, retail sentiment around Solana has surged to ‘bullish’ from ‘neutral’ territory, and sentiment around Avalanche has remained in the ‘bullish’ zone. Solana’s price has gained 21% in September, and Avalanche’s price has risen 19%.
Avalanche Foundation reportedly expects to raise up to $1 billion for treasury-related ventures, planning to sell millions of AVAX at a discounted price. Meanwhile, Solana’s rally has been driven by major treasury firms like SOL Strategies (STKE) debuting on the Nasdaq and Galaxy Digital (GLXY), along with Jump Crypto, which led a $1.65 billion deal focusing on Solana’s ecosystem. Recent comments from Galaxy Digital CEO Mike Novogratz and Bitwise CIO Matt Hougan also indicate that ‘Solana Season’ may be underway.
In afternoon trade on Friday, Solana had climbed 5.5%, Ethereum rose 3.6%, while Avalanche slipped 1.5%.
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