Solana (SOL) powers back

As Bitcoin (BTC) rises out of its recent dip and paves the way, the altcoins are following, and not many more so than Solana. Already up 17% so far on the week, $SOL is powering its way back to the all-time highs

Solana is the Ethereum of this bull market

Could Solana (SOL) be the Ethereum (ETH) of this bull market? Many investors seem to think so, as flows from the Ethereum network are making their way to the Solana network. Could this be something to do with a perception that the Spot Ethereum ETFs will not be granted? Or is it that getting transactions done on Ethereum is so much more time-consuming and costly than on Solana?

650% gains for $SOL over $ETH

Source: Coingecko/TradingView

On the SOL/ETH chart, the strength in favour of $SOL is readily apparent. The uptrend has so far amassed a 650% gain for $SOL over $ETH since June 2023. As can be seen, $SOL is encountering resistance again at the 0.055 level. That said, the uptrend line and the resistance level are forming an ascending triangle, which is bullish for $SOL, given that it is more likely to break up out of this formation.

1957% gain for $SOL over $USDT

Source: Coingecko/TradingView

Things are even better with the SOL/USDT pairing. $SOL has experienced a 1957% gain since the beginning of 2023, and judging by the chart above, this is possibly set to continue. 

$SOL has found some good support at $143, and the price remains nicely above the upward trend, which stretches all the way back to October 2023. Right now, the $SOL price is up against resistance at $168. An upward break here would enable the price to challenge the local high set back in mid-March.

All-time high in sight for $SOL

Source: Coingecko/TradingView

On the weekly chart, $SOL also looks very strong. Having managed to power through the 0.618 fibonacci level, the price will need to hold above this, and also the resistance, in order to perhaps be able to break out of the triangle and test the 0.786 fibonacci, perhaps as early as next week.

Should all this positive price action come to fruition, the next targets would be the all-time high at $260, and then, once in price discovery, the 1.618 fibonacci at $413.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.