The Solana cup and handle pattern implies a move of at least 90% against Ethereum, analysts say.
Jan Happel and Yann AllemannThe co-founder of on-chain analytics platform Glassnode recently suggested: Solana (SUN) We could see significant upside in Ethereum pairs. They hinted at the possibility of Ethereum going higher as another reason for SOL to likely “surge.”
Solana makes a 90% move against Ethereum
Happel and Allemann share X account (@Negentropic) highlighted a “clear cup-and-handle pattern” in the SOLETH chart. Solana It would be a 90% move from the current price level. They also pointed out that the SOLETH rate has been consolidating for some time and is poised for such an upward move.
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Meanwhile, they also predict that SOL will surge. Ethereum “I want to go higher.” Therefore, the rise of the second largest cryptocurrency token may trigger a significant move for Solana. Interestingly, this movement appears to be already underway and SOL Ethereum price rises In the last 24 hours.
So, with reports that ETH continues to enjoy an upward trend, Solana could rise higher. Securities and Exchange Commission (SEC) Can approve pending items Spot Ethereum ETF Application. Solana’s 90% rise means the cryptocurrency token could be close to its current all-time high (ATH) of $260.
Cryptocurrency analyst Javon Marks It’s happened before now predicted SOL could make such a move, noting that a 54% price increase could already be in the pipeline. He also claimed that if Solana achieves this price movement, there will be room for another price increase of 93%, bringing the price of SOL to $453.
How high can SOL rise in this bull market?
Cryptocurrency Analyst Altcoin Sherpa have predicted While Solana predicted that it could rise to $500 by the end of the year, cryptocurrency analyst Hansolar predicted that Solana could rise to $600 in this market cycle. Cryptocurrency YouTuber Jake Gagain He gave a more optimistic forecast, saying Solana would rise to $750, but he predicted that would happen next year.
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Interestingly, Hansolar claimed: brush It could be the new Ethereum in this cycle. ETH is known to have had the biggest rise in the last bull market, with its price more than tripling to the current ATH of $4,891. At the time, Ethereum’s operation was largely due to its decentralized finance (DeFi) utility, with many DeFi projects leveraging the network.
Asset management company Franklin Templeton Solana has proposed joining a project that will drive the next generation of cryptocurrency adoption. Therefore, Solana could undoubtedly enjoy the same kind of operation that Ethereum did in 2021. This explains why asset managers are optimistic about SOL’s growth. Bitcoin and Ethereum.
Featured image from Quora, chart from Tradingview.com
