As an experienced analyst, I have closely monitored the crypto market and have observed Solana (SOL) tracking higher at spot rates with bulls showing keen interest in reclaiming the 2024 highs printed in March. Based on the candlestick arrangement in the daily SOLETH chart, I am confident that SOL will extend its gains versus Ethereum (ETH).
The price of Solana is climbing higher on the market as investors show renewed interest in reaching the previous peak of $204 from March 2024. Meanwhile, one market analyst is optimistic about Solana’s potential to surpass Ethereum in value based on the daily chart’s candlestick pattern.
Solana To Outperform Ethereum?
On X, the analyst observes that while prices have been stabilizing, supporters of Solana (SOL) are currently in control. A distinct “Cup and Handle” formation is emerging, indicating a potential price increase.
Historically, this pattern has been known to occur before a bull market and a significant price increase, although it cannot ensure higher prices on its own.
If the price of Solana (SOL) continues to rise as predicted by bulls, the SOLETH ratio, which represents the relationship between SOL and Ethereum (ETH), is anticipated to increase by a minimum of 90%. After examining the daily chart, it’s evident that buyers currently hold the advantage. Despite the recent downturn in the cryptocurrency market, Solana has outperformed Ethereum in terms of growth over the past few months.
At a value of 0.05806 Ethereum (ETH) in the SOLETH chart, the local resistance and all-time high for Solana (SOL) lie. Overcoming this threshold will push SOL to uncharted waters, amplifying its advancement as Solana surpasses Ethereum’s position.
Examining the SOLUSDT price chart presently shows the coin being traded at approximately $177. Following the robust surge above $160, optimistic investors, or bulls, seem to be in the driver’s seat, setting their sights on the significant resistance level of $200. Their objective is to push prices beyond previous all-time highs of around $260 achieved in 2021.
As an analyst, I’ve observed that several significant factors could fuel the demand for SOL. Nevertheless, it’s worth noting that in recent months, Solana has emerged as a favored destination for meme coins. Some of these successful projects, such as DogWifHat (WIF), BOME, and BONK, have all chosen to build on the Solana network.
From Firedancer Hopes To Rising Adoption, SOL Trends Higher
The reasons for the recent surge in interest could be attributed to characteristics like immense scalability, affordable transaction costs, and a rapidly expanding ecosystem. Additionally, there’s growing excitement within the community regarding the imminent launch of the Firedancer validator client.
As a network analysis expert, I would rephrase it as follows: I, serving as an analyst, can assure you that the newly developed client, which is a product of Jump Crypto’s efforts, will significantly improve Solana’s network reliability. Previously, this network has faced criticism for halting on numerous occasions, resulting in inconvenience and frustration for its users.
The swift growth of the Phantom wallet, focused on Solana and operating without custodianship, signifies a significant surge in popularity for the Solana platform. Currently ranking fourth in utility category on the Apple App Store, the Phantom Wallet amassed over seven million monthly active users by the end of April.
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2024-05-20 22:11