Solana is trending higher at spot rates as bulls appear eager to reclaim the 2024 highs printed in March. Amidst this, one analyst is confident that SOL will extend its gains against Ethereum, looking at the arrangement of the candlesticks in the daily chart.
Will Solana surpass Ethereum?
Sharing a SOLETH chart on X, the analyst Remarks that even though prices have consolidated, SOL bulls have the upper hand. So far, a clear The “cup and handle” pattern is formed.
Although it does not guarantee higher prices, the trend is historically imprinted, preceding a bull run and a breakout above local resistance.
If SOL bulls take over, the analyst predicts that the SOLETH ratio will increase by at least 90%. After checking the events on the daily chart, it is clear that buyers have the upper hand. Despite the recent withdrawal from the crypto scene, SOL has outperformed ETH over the past few months.
Local resistance and the all-time high on the SOLETH chart is at 0.05806 ETH. A break above this line will propel SOL into new territory, extending gains as Solana moves above Ethereum.
Looking at the SOLUSDT chart, the coin is changing hands at around $177. After the recent breakout above $160, the bulls appear to be in control and on target. The $200 line remains a key target for bullish bulls aiming for prices to reach the all-time highs of $260 seen in 2021.
Several fundamental factors could trigger the demand for SOL. However, what has become clear over the past few months is that Solana is increasingly a favored choice for meme coins. Some of the most successful, including DogWifHat (WIF), BOME and BONKare all on Solana.
From Firedancer Hopes to Growing Adoption, SOL Trends Upward
Features such as high scalability, low transaction fees, and a developing ecosystem could explain this rise. At the same time, the community is eagerly awaiting the activation of the Firedancer validator client.
The client, built from the ground up by Jump Crypto, will make the network more reliable, reducing instances of network downtime. In the past, Solana has been widely criticized for repeatedly shutting down, inconveniencing network users.
The rapid expansion of the non-custodial Solana-centric Phantom wallet reflects growing interest in Solana. The portfolio rose to fourth position in the utility category of the Apple App Store. At the end of April, the Phantom Wallet had on seven million monthly active users.
Featured image from Canva, chart from TradingView
