Bitcoin, XRP analyst sentiment jumps as Solana bulls hit 91%: CryptoQuant

  • Bitcoin’s analyst sentiment index climbed from -18.3 to 49.2 in 103 days, outperforming the previous cycle despite a smaller price gain.
  • Ethereum and Solana recorded the strongest positive consensus among the tokens, with 91% of analysts bullish on SOL.
  • BNB and XRP also saw a rise in bullish sentiment, although the tokens have smaller analyst samples.

Analyst sentiment on Bitcoin (BTC), Ethereum (ETH), Solana (SOL), BNB and XRP has flipped bullish since July, as the top five cryptocurrencies recovered faster and more strongly than during the 2022-2023 market phase, according to CryptoQuant.

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Bitcoin analyst sentiment turns bullish ahead of price rally

Bitcoin's 30-day analyst consensus index crossed above zero on July 27, when BTC traded at $63,800, roughly three weeks before its rally to $80,200 in August.

The index had bottomed at -18.3 on July 2 after spending June in negative territory. On Wednesday, it climbed to 49.2, with 84% of 164 analysts holding bullish positions on BTC.

By comparison, Bitcoin's consensus index rose from a low of -1.3 to 34.2 over 103 days during the 2022-2023 cycle, alongside a 65% price increase. In BTC's current cycle, the index advanced from -18.3 to 49.2 over the same period, representing a 67-point swing despite a smaller 33% price gain.

The report suggests analysts are more optimistic about Bitcoin's price performance than they were at the start of the 2023 bull market.

BTC Analyst Consensus Index. Source: CryptoQuant

Ethereum and Solana lead bullish sentiment

Ethereum's analyst sentiment has strengthened since July, with its 30-day consensus index rising from 0.1 on July 1 to a peak of 68.3 on September 19 before easing to 58.3.

Bullish sentiment reached roughly 70% in early August before climbing to 96% on September 1 as ETH broke above $2,463. Sentiment subsequently eased as the price stalled below $2,776.

Ethereum's performance contrasts with the previous cycle, when its consensus index fell to -18.3 on December 7, 2022 and did not climb above zero until December 23.

ETH Analyst Consensus Index. Source: CryptoQuant

Notably, Solana recorded the strongest bullish consensus among the five tokens. Its index bottomed at 29.5 on July 3 before climbing to a peak of 76.5 on September 20.

The index stood at 72 on Wednesday, with 31 of 34 analysts, approximately 91%, holding bullish positions.

CryptoQuant noted that Solana's daily sentiment had already strengthened by early July, weeks before SOL broke out of its 72-82 trading range. Its consensus has since remained above 70, making it the strongest reading among the five assets.

Solana Analyst Consensus Index. Source: CryptoQuant

BNB and XRP complete sentiment recoveries

BNB and XRP also recorded improvements in analyst sentiment. BNB's 30-day consensus index bottomed at -10.2 on July 22 before crossing above zero on July 28. It later peaked at 70.7 on September 11 as BNB rallied from $550 to $799.

The index eased to 52.0 on Wednesday, with eight of nine analysts bullish.

“BNB has the thinnest coverage of the five assets: between 2 and 10 analysts held a live BNB call on any day in the window, and only 23 directional BNB calls were posted,” CryptoQuant wrote.

Meanwhile, XRP's sentiment recovery came later. Its consensus index fell to -8.0 on August 20, coinciding with XRP's price low of $0.99, before crossing back above zero on September 3. The index subsequently climbed to 36.7, with 15 of 19 analysts bullish on Wednesday.

XRP Analyst Consensus Index. Source: CryptoQuant

XRP's recovery was faster than the previous cycle, when its consensus index remained below zero for 24 days after reaching its trough. The token's current recovery took 14 days.

However, the report cautioned that BNB and XRP's relatively small analyst samples make their sentiment readings less precise than those for Bitcoin and Ethereum.