Solana’s (SOL) value hit a brand new all-time excessive in opposition to Ether on Aug. 7, and merchants are eyeing a possible breakout of $200, a stage not seen since March.
Solana hits new all-time excessive in opposition to ETH
SOL value has entered value discovery, hitting an all-time excessive o 0.06211 in opposition to Ether (ETH), in keeping with knowledge from Binance and TradingView.
The SOL/ETH buying and selling pair has been forming larger highs on the every day chart since June 23, suggesting that extra upside is feasible.
Zooming out, the weekly chart might set Solana up for a breakout based mostly on a cup-and-handle sample, in keeping with standard dealer Duo 9, who wrote in an Aug. 7 X submit:
“If nothing modifications for Ethereum, Solana will eat its cake. Breakout seems imminent.”
Solana has also outperformed most different cryptocurrencies in current days. SOL value gained over 15% in opposition to Bitcoin (BTC) because the Aug. 4-5 lows.
“SOL is a very sentiment pushed cryptocurrency, and the #5 ranked market cap asset can proceed to surge if the gang reveals disbelief,” famous analytics useful resource Santiment on X.
Can SOL value attain $200 subsequent?
Based on a bullish pennant on the four-hour chart shared by crypto dealer Satoshi Flipper in an Aug. 7 X submit, Solana might get away above the $200 psychological mark subsequent.
Others are additionally anticipating a breakout to the upside based mostly on different timeframes. The three-day chart, for instance, is portray a bullish pennant sample, argues standard crypto analyst ZAYK Charts, who wrote:
“SOL Transferring contained in the Bullish Pennant in 3D Timeframe. Anticipating Breakout quickly.”
Associated: Bitcoin price downside may last 2 months — Analysis
Nevertheless, Solana should flip $148 into assist or danger a correction beneath $100 within the coming days or even weeks, argues standard analyst Hov, who wrote in an Aug. 6 X submit:
“SOL is at an essential stage although. If it may possibly get a better timeframe (HTF) shut above $148 I feel it will carry to roughly $180…”
Solana value stays 41% away from its outdated all-time excessive of $260, reached three years in the past in November 2021.
SOL value rose 9.4% throughout the previous 24 hours to $152 however stays down over 16% on the weekly chart.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a call.
