Jan Hubel and Jan Allemanco-founders of on-chain analytics platform Glassnode, recently suggested this Solana (Sunday) It could make a big move to the upside for the Ethereum pair. They pointed to the potential rise in the price of Ethereum as another reason why SOL is likely to rise.
Solana will make a 90% move against Ethereum
Hubble and the Germans, by sharing them X account (@Negentropic), highlighted a “clear cup and handle pattern” on the SOLETH chart, which suggests that Solana It will move 90% from its current price level. They also noted that the SOLETH ratio has been consolidating for some time and appears ready for such a move to the upside.
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At the same time, they also expect SOL stock to rise because they expect it to Ethereum “To move much higher.” Therefore, a rise in the second largest crypto token could also lead to an important move for Solana. Interestingly, the move appears to be already underway, with SOL enjoying price gains of up to 7% on the back of… Ethereum prices rise In the last 24 hours.
Therefore, Solana may rise as ETH continues to enjoy an upward trend following reports that Securities and Exchange Commission (SEC) Can be approved pending Spot Ethereum ETF Applications. A 90% move for Solana means the crypto token could be approaching its all-time high (ATH) of $260.
Cryptocurrency analyst Javon Marks It was before now And he expected SOL could make such a move, noting that a 54% price increase may already be underway. He also claimed that Solana achieving this price action will open room for another 93% price rise, which will send the SOL price to $453.
How high can SOL rise on this upward trajectory?
Cryptocurrency Analyst Altcoin Sherpa he have And he expected That Solana could rise to $500 by the end of the year, while cryptocurrency analyst Hansolar expects Solana to reach $600 this market cycle. Crypto YouTuber Jake Gagen He offered a more optimistic prediction, noting that Solana would rise to $750, though he expects that to happen next year.
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Interestingly, Hansular claimed this Sol Ethereum could be the new in this cycle. ETH has been known to be one of the biggest winners in the recent rally, with its price more than tripling on its way to its current ATH of $4,891. Ethereum's run was then thanks to the decentralized finance (DeFi) tool, with many DeFi projects using the network.
Asset manager Franklin Templeton He suggested that Solana join projects that will lead the next wave of cryptocurrency adoption. Therefore, Solana can undoubtedly enjoy the kind of run that Ethereum has had in 2021. This explains why the asset manager is optimistic about SOL's growth, as they predict that it will eventually become the third largest cryptocurrency token after Bitcoin and Ethereum.
Featured image from Quora, chart from Tradingview.com