Jan Happel and Yann Allemannthe co-founders of on-chain analytics platform Glassnode, recently suggested that Solana (SOL) could make a significant upward move on its Ethereum pair. They alluded to the likelihood of Ethereum rising further as another reason why SOL is likely to “skyrocket.”
Solana will make a 90% move against Ethereum
Happel and Allemann, through their Account X (@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 index has been consolidating for some time and appears ready for such an upward move.
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![Solana Cup and Handle Pattern Means At Least 90% Move Against Ethereum, Says Analyst 1 Solana](https://thegurumedia.com/wp-content/uploads/2024/05/Solana_c0f434.png)
Meanwhile, they also predict that SOL will spike because they expect Ethereum “to move much higher.” Therefore, a rally in the second-largest crypto token could also trigger a significant move for Solana. Interestingly, this move already appears to be in play, as SOL has enjoyed a price gain of up to 7% due to the Rising Ethereum prices in the last 24 hours.
Therefore, Solana could rise further 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 get close to its current all-time high (ATH) of $260.
Crypto Analyst Javon Marks had before now foreseen that SOL could take such a step, noting that a 54% price gain could already be predicted. He further stated that Solana achieving this price movement would open space for another 93% price rally, which would send SOL price to $453.
How high can SOL climb in this bull run?
Crypto Analyst Altcoin Sherpa he has foreseen that Solana could reach $500 by the end of the year, while crypto analyst Hansolar predicts that Solana could reach $600 this market cycle. Crypto YouTuber Jake Gagain offered a more optimistic prediction, stating that Solana will rise to $750, although he predicts this will happen next year.
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Interestingly, Hansolar stated that SUN could be the new Ethereum 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 operation was thanks to its decentralized finance (DeFi) utility, with many DeFi projects utilizing the network.
Asset Manager Franklin Templeton suggested that Solana will be part of the projects that will drive the next wave of crypto adoption. Therefore, Solana could undoubtedly enjoy the kind of run that Ethereum has had 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