Solana is tracking higher at spot rates as bulls appear keen to reclaim the 2024 highs printed in March. Amid this, one analyst is confident that SOL will extend gains versus Ethereum, looking at the candlestick arrangement in the daily chart.
Solana To Outperform Ethereum?
Sharing a SOLETH chart on X, the analyst notes that though prices have been consolidating, SOL bulls have the upper hand. So far, a clear “Cup and Handle” pattern is forming.
While it does not guarantee higher prices, the pattern historically prints out, preceding a bull run and breakout above the local resistance.
If the SOL bulls take over, the analyst predicts the SOLETH ratio will extend by at least 90%. After checking the events on the daily chart, it is clear that buyers have the upper hand. Despite the recent drawdown across the crypto scene, SOL has outperformed ETH in the last few months.
The local resistance and all-time high in the SOLETH chart is at 0.05806 ETH. A breakout above this line will propel SOL to new territory, extending gains as Solana comes on top of Ethereum.
Looking at the SOLUSDT chart, the coin is changing hands at around $177. After the recent breakout above $160, bulls appear to be in control, targeting. The $200 line remains a key target for upbeat bulls aiming for prices to clear all-time highs of $260 registered in 2021.
Multiple fundamental factors could ignite SOL demand. However, what’s been clear in the past few months is that Solana is increasingly a preferred choice for meme coins. Some of the most successful ones, including DogWifHat (WIF), BOME, and BONK, are all on Solana.
From Firedancer Hopes To Rising Adoption, SOL Trends Higher
Features such as high scalability, low transaction fees, and a developing ecosystem could explain the uptick. 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 halts. In the past, Solana has been widely criticized for stopping on multiple occasions, inconveniencing network users.
The rapid expansion of the Solana-centric non-custodial Phantom wallet reflects surging interest in Solana. The wallet has climbed to the fourth position in the utility category on the Apple App Store. By the end of April, the Phantom Wallet had over seven million monthly active users.
Feature image from Canva, chart from TradingView
