Solana is rising in spot rates as bulls appear eager to recapture the 2024 highs recorded in March. Amid this, one analyst is confident that SOL will extend gains against ethereum, looking at the arrangement of the candles on the daily chart.
Will Solana overtake ethereum?
Sharing a SOLETH chart on x, the analyst x.com/Negentropic_/status/1792506267581231288″ target=”_blank” rel=”noopener nofollow”>grades that although prices have been consolidating, SOL bulls have the advantage. So far, a clear The “Cup and Handle” pattern is forming.
While it does not guarantee higher prices, the pattern historically prints, preceding a bull run and a break above local resistance.
If SOL bulls take control, the analyst predicts SOLETH share will expand by at least 90%. After checking the developments on the daily chart, it is clear that the buyers have the advantage. Despite the recent decline in the crypto scene, SOL has outperformed eth in recent months.
The local resistance and all-time high on the SOLETH chart is at 0.05806 eth. A break above this line will push SOL into new territory, extending gains as Solana outperforms ethereum.
Looking at the SOLUSDT chart, the coin is changing hands at around $177. After the recent break above $160, the bulls seem to be in control and on target. The $200 line remains a key target for optimistic bulls looking to push prices above the all-time highs of $260 recorded in 2021.
Multiple fundamental factors could drive demand for SOL. However, what has become clear in recent months is that Solana is increasingly a preferred choice for meme coins. Some of the most successful, including DogWifHat (WIF), BOME, and BONK, are all on Solana.
From Firedancer Hopes to Growing Adoption, SOL Trends Up
Features such as high scalability, low transaction fees, and a developing ecosystem could explain the rally. At the same time, the community is looking forward to the activation of the Firedancer validator client.
The client, built from scratch by Jump crypto, will make the network more reliable, reducing instances of network outages. In the past, Solana has been widely criticized for stopping on multiple occasions, inconveniencing network users.
The rapid expansion of the Solana-focused non-custodial Phantom wallet reflects growing interest in Solana. The wallet has gone up to fourth position in the utilities category in the Apple App Store. At the end of April, Phantom Wallet had x.com/phantom/status/1784910607415714047″ target=”_blank” rel=”noopener nofollow”>on seven million monthly active users.
Featured image from Canva, TradingView chart
