Solana Cup And Handle Pattern Means An At Least 90% Move Against Ethereum, Analyst Says
May 21 2024 - 6:00PM
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Jan Happel and Yann Allemann, the co-founders of the on-chain
analytics platform Glassnode, recently suggested that Solana (SOL)
could make a significant move to the upside in its Ethereum pair.
They alluded to the likelihood of Ethereum rising higher as another
reason SOL will likely “soar.” Solana To Make A 90% Move Against
Ethereum Happel and Allemann, through their shared X account
(@Negentropic), highlighted a “clear Cup and Handle pattern” on the
SOLETH chart, which suggests Solana will move 90% from its current
price level. They also noted that the SOLETH ratio has been
consolidating for some time now and looks ready for such a move to
the upside. Related Reading: Bitcoin Price Mirrors Historical
Pattern That Led To $1,200 Surge, Will History Repeat Itself?
Meanwhile, they also predict SOL will soar because they expect
Ethereum “to move much higher.” Therefore, a rally for the
second-largest crypto token could also spark a significant move for
Solana. Interestingly, this move already looks to be in play,
seeing that SOL enjoyed up to a 7% price gain on the back of
Ethereum’s 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 pending Spot Ethereum ETF applications. A 90%
move for Solana means the crypto token could come close to its
current all-time high (ATH) of $260. Crypto analyst Javon Marks had
before now predicted that SOL could make such a move, noting that a
price gain of 54% may already be in the pipeline. He further
claimed that Solana achieving this price move would open up room
for another price rally of 93%, which would send SOL’s price to
$453. How High Can SOL Rise In This Bull Run? Crypto analyst
Altcoin Sherpa has predicted that Solana could rise to as high as
$500 by year-end, while crypto analyst Hansolar predicts that
Solana could hit $600 in this market cycle. Crypto YouTuber Jake
Gagain offered a more bullish prediction, stating that Solana will
rise to $750, although he predicts that will happen next
year. Related Reading: Bitcoin Rally Incoming: This Major BTC
Metric Just Turned Bullish Once Again Interstingly, Hansolar
claimed that SOL could be the new Ethereum in this cycle. ETH is
known to have been one of the biggest gainers in the last bull run,
with its price more than tripling on its way to its current ATH of
$4,891. Ethereum’s run then was thanks to its decentralized finance
(DeFi) utility, with many DeFi projects utilizing the
network. Asset manager Franklin Templeton suggested that
Solana will onboard the projects that will drive the next wave of
crypto adoption. Therefore, Solana could undoubtedly enjoy the kind
of run Ethereum did 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
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