bitcoin%20(btc)%20has%20been%20making,optimism%20about%20the%20cryptocurrency’s%20future.” rel=”nofollow”>Jan Happel and Yann AllemannThe co-founders of on-chain analytics platform Glassnode recently suggested that Solana (SUN) could make a significant move higher in its ethereum pair. They alluded to the likelihood of ethereum going higher as another reason why SOL will likely “soar.”
Solana will make a 90% move against ethereum
Happel and Allemann, through their shared x.com/Negentropic_/status/1792506267581231288″ rel=”nofollow”>account x (@Negentropic), highlighted a “clear cup and handle pattern” on the SOLETH chart, suggesting solarium will move 90% from its current price level. They also noted that the SOLETH index has been consolidating for some time now and appears poised for such an upward move.
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Meanwhile, they also predict that SOL will skyrocket because they expect ethereum-breakout/” rel=”nofollow”>ethereum “to advance much higher.” Therefore, a rally of the second-largest crypto token could also spark a significant move for Solana. Interestingly, this move already appears to be in play as SOL enjoyed a price gain of up to 7% thanks to The ethereum Price Rally in the last 24 hours.
Therefore, Solana could rise higher as eth continues to enjoy an upward trend following reports that the Securities and Exchange Commission (SEC) could approve the earring ethereum-spot-etfs/” rel=”nofollow”>Detect ethereum ETF Applications. A 90% move for Solana means the crypto token could approach its current all-time high (ATH) of $260.
Cryptanalyst Javon Marks had before now foretold that SOL could take such a step, noting that a 54% price gain may already be in the pipeline. He further stated that Solana achieving this price move would open room for another 93% price rally, which would send SOL price to $453.
How high can SOL go in this bull run?
crypto Analyst Altcoin Sherpa has foretold that Solana could rise as high as $500 by the end of the year, while crypto analyst Hansolar predicts that Solana could reach $600 in this market cycle. crypto YouTuber Jake Gagain He offered a more bullish prediction, stating that Solana will rise to $750, although he predicts that will happen next year.
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Interestingly, Hansolar stated that SUN could be the new ethereum in this cycle. eth is known to have been one of the biggest winners in the last bull run, with its price more than tripling on its way to its current ATH of $4,891. ethereum's rise was then due to its decentralized finance (DeFi) utility, and many DeFi projects use the network.
ethereum-franklin-templeton-enters-the-etf-ring/” rel=”nofollow”>Franklin Templeton Asset Manager suggested that Solana will incorporate the projects that will drive the next wave of cryptocurrency adoption. Therefore, Solana could certainly enjoy the kind of performance that ethereum had in 2021. This explains why the asset manager is bullish on SOL's growth as they predict it will eventually become the third-largest crypto token after . bitcoin and ethereum.
Featured image from Quora, chart from Tradingview.com
