Analyst Predicts Solana Will Outperform Ethereum
Analyst X shares a chart of SOLETH, noting that despite consolidation, SOL bulls have the advantage. A clear “Cup and Handle” pattern is forming, historically indicating a bull run and breakout from local resistance.
If SOL bulls take control, the analyst predicts a 90% extension in the SOLETH ratio. Buyers dominate the daily chart, with SOL outperforming ETH despite recent market drawdowns.
- The local resistance on the SOLETH chart is at 0.05806 ETH.
- A breakout above this level could propel SOL to new highs, surpassing Ethereum.
Positive Trends and Rising Adoption for Solana
SOL’s advantages like scalability, low fees, and a growing ecosystem are driving its popularity. The upcoming launch of the Firedancer validator client, created by Jump Crypto, aims to enhance the network’s reliability.
Solana has faced criticism for network halts in the past, but the new validator client should address these issues. The community eagerly awaits its activation.
- The non-custodial Phantom wallet, centered around Solana, is gaining traction.
- Ranked fourth in the Apple App Store’s utility category, the Phantom Wallet has over seven million monthly active users.
SOL Price Analysis and Future Projections
Currently trading around $177, SOL has seen a recent breakout above $160, indicating bullish control. The $200 level is a key target, with optimistic traders eyeing a move past the $260 all-time high from 2021.
Fundamental factors could further boost SOL demand, especially given its appeal to meme coins. Successful projects like DogWifHat (WIF) and BONK choosing Solana demonstrate its growing popularity.
- The SOLETH ratio could see a significant 90% extension if bulls maintain control.
- SOL’s performance against ETH has been impressive, with potential for further gains beyond the current resistance level.
Hot Take: Solana Poised to Extend Gains
Solana is tracking higher at spot rates as bulls appear keen to reclaim the 2024 highs printed in March. One analyst is confident that SOL will extend gains versus Ethereum, looking at the candlestick arrangement in the daily chart.
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