As a seasoned crypto investor with a few bull markets under my belt, I’ve seen my fair share of altcoins making waves during a Bitcoin rally. And right now, Solana (SOL) is one of those coins that’s catching the attention of many investors, myself included.
I, as an analyst, have observed that Bitcoin‘s recovery from its recent dip has been mirrored by altcoins, with Solana ($SOL) being one of the leading gainers. Currently, Solana is up by 17% this week and is making a strong push towards reaching its all-time highs once again.
Solana is the Ethereum of this bull market
Is it possible that Solana (SOL) could take over Ethereum’s (ETH) role as the leading cryptocurrency of this current bull market? This idea is gaining popularity among investors due to the significant increase in flows from the Ethereum network shifting towards the Solana network. Could this shift be a result of growing doubts about the approval of Spot Ethereum ETFs? Or could it be that conducting transactions on Ethereum has become significantly slower and more expensive compared to Solana?
650% gains for $SOL over $ETH
As a crypto investor, I’ve been closely monitoring the SOL/ETH chart, and it’s clear that Solana (SOL) has been gaining ground against Ethereum (ETH). Since June 2023, I’ve seen an impressive 650% increase in the value of SOL relative to ETH. However, I notice that SOL is currently facing resistance at around the 0.055 level.
1957% gain for $SOL over $USDT
The SOL/USDT correlation has been advantageous so far in 2023. Solana ($SOL) has demonstrated a staggering increase of approximately 1957% since the year’s commencement. Based on the provided chart, this upward trend might persist.
The cryptocurrency $SOL has discovered a strong foundation around the $143 mark, and presently hovers above its prolonged uptrend that commenced in October 2023. Currently, $SOL’s price is encountering resistance at approximately $168. Should the price breach this barrier, it will create an opportunity for $SOL to test its previous peak reached in mid-March.
All-time high in sight for $SOL
On the weekly chart, Solana ($SOL) exhibits considerable strength. Overcoming the 0.618 Fibonacci level, the price must sustain above this barrier and the resistance for a potential breakout from the triangle. This could lead to a challenge of the 0.786 Fibonacci level as soon as next week.
If the current upward trend in prices continues and reaches its full potential, the next significant milestones would be hitting the all-time high of $260, followed by exploring new heights beyond that, potentially reaching the 1.618 Fibonacci level at approximately $413.
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2024-05-17 14:09