Like a phoenix rising from its ashes, Bitcoin (BTC) is soaring once again, leading the way for other cryptocurrencies to follow suit. And among them, one stands out with an impressive 17% surge this week – Solana. With its sights set on reclaiming its all-time high, $SOL is blazing a trail in the crypto world.
Solana Is The Ethereum Of This Bull Market
Is Solana (SOL) poised to become the Ethereum (ETH) of the current bull market? The buzz among investors suggests so, with a significant shift of funds from the Ethereum network to Solana.
Is this due to speculation that the highly anticipated Spot Ethereum ETFs will not be approved? Or could it be attributed to the frustration of slow and expensive transactions on Ethereum, compared to the lightning-fast and cost-effective transactions on Solana?
650% Gains For $SOL Over $ETH
The undeniable dominance of $SOL on the SOL/ETH chart. A remarkable uptrend has propelled $SOL to a staggering 650% gain over $ETH since June 2023. But the battle is far from over as $SOL faces a formidable obstacle at the 0.055 level.
However, all is not lost as the uptrend line and resistance level are converging to create an ascending triangle, a promising sign that $SOL may break free from this pattern and soar to new heights.
1957% Gain For $SOL Over $USDT
With a jaw-dropping 1957% surge since the start of 2023, $SOL is a force to be reckoned with. The momentum shows no signs of slowing down. In fact, $SOL has found a solid support level at $143 and is comfortably riding the upward trend that dates back to October 2023.
Currently, the price is facing resistance at $168, but a breakthrough here could lead to a thrilling challenge of the previous high set in March.
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All-Time High In Sight For $SOL
$SOL is showing incredible strength on the weekly chart. It has impressively surpassed the 0.618 fibonacci level, but can it maintain this momentum and overcome the resistance? If it does, we could see a breakout from the triangle formation and a potential test of the 0.786 fibonacci level as soon as next week.
If this bullish trend continues, our sights can be set even higher. The all-time high at $260 is within reach, and once $SOL enters price discovery, the 1.618 fibonacci at $413 becomes the next target. The possibilities are endless for this promising cryptocurrency.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.