Bitrabo Editorial
Solana is on the rise as investors aim to surpass the highs reached in March 2024. A market analyst is optimistic about SOL’s performance compared to Ethereum, based on their analysis of the daily chart’s candlestick pattern.
Solana Showing Strength Against Ethereum
Examining a SOLETH chart, the analyst highlights a developing “Cup and Handle” pattern despite price consolidation. Although not a definitive indicator, historically, this pattern often precedes a bullish trend and a breakout above local resistance.
If SOL bulls dominate, the analyst predicts a potential 90% increase in the SOLETH ratio, with SOL consistently outperforming ETH recently. Breaking above the 0.05806 ETH resistance level could drive SOL to new highs, outshining Ethereum.
On the SOLUSDT chart, SOL is trading at approximately $177, with bullish momentum pushing towards the $200 mark and beyond, targeting the previous all-time high of $260 from 2021.
Various fundamental factors are poised to drive SOL demand, positioning Solana as a top choice for meme coins. Successful projects like DogWifHat (WIF), BOME, and BONK are thriving on the Solana ecosystem.
From Firedancer to Rising Adoption, Solana’s Growth Trajectory
The scalability, low fees, and expanding ecosystem of Solana are contributing to its popularity. The community anticipates the launch of the Firedancer validator client, developed by Jump Crypto, to enhance network stability and minimize halts.
The rapid growth of non-custodial Phantom wallets tailored for Solana indicates a rising interest in the network, with Phantom ranking fourth in the Apple App Store’s utility category and boasting over seven million monthly active users by April.