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Will Solana (SOL) Surpass Ethereum (ETH)? Price and Market Analysis
Besides Bitcoin, Ethereum has been the major driving force in crypto over the last three months or so. However, Solana (SOL) has just woken up and looks as though it might start outperforming $ETH. Is $SOL about to embark on its own bull run?
$SOL breaks out but faces $200 major resistance
Source: TradingView
Already up more than 5% on Wednesday so far, the $SOL price has broken out of a big downtrend. Initially, $SOL broke up through a descending trendline that stretched from January. A retrace then occurred, and now $SOL has broken out again. There is a major resistance at $200, so if this can be broken the resistance at $252 could be next.
$SOL explosive move awaits
Source: TradingView
Zooming out into the 2-week time frame it can be seen that things are looking extremely bullish for $SOL. As already mentioned, in the price action it can be noted that a break of the current resistance would probably lead to an ascent to the last major resistance at $252.
At the bottom of the chart, the Relative Strength Index (RSI) tells the big story. The indicator line is poking through a descending trendline that goes all the way back to March 2024. If this is indeed broken, the price action for $SOL could be explosive to the upside.
SOL/ETH about to turn back in favour of $SOL?
Source: TradingView
The daily chart for SOL/ETH has looked quite ugly for $SOL over recent months. It can be seen that SOL/ETH broke down out of a long-time ascending channel and entered a descending wedge pattern. It might be that finally $SOL could be about to turn the downtrend around.
SOL/ETH sees perfect bounce from 0.618 Fibonacci level
Source: TradingView
The weekly chart puts things very much into perspective. If $SOL is going to turn things around against $ETH it really looks like it will begin here. The Fibonacci retracement levels have the price bouncing perfectly from the 0.618, which also happens to be the bottom trendline of the falling wedge. Also, if one looks at the Stochastic RSI at the bottom of the chart, it can be seen that the indicator lines are at the bottom and ripe and ready to start their ascent
The Solana network is faster, cheaper, has more network activity, and more users than Ethereum, and this is by many multiples. At less than ⅕ the market cap of Ethereum, this is not a state of affairs that is likely to continue. $SOL should be by far the fastest horse in this race
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.