As a seasoned crypto investor with a keen interest in on-chain analytics and market trends, I find the recent analysis from Glassnode’s co-founders, Jan Happel and Yann Allemann, particularly intriguing. Their prediction of Solana (SOL) making a significant move against Ethereum, potentially reaching a 90% gain from its current price level, resonates with my own investment strategy.
Co-founders Jan Happel and Yann Allemann of Glassnode, a well-known on-chain analytics platform, have indicated that Solana (SOL) could experience a substantial price increase when compared to Ethereum (ETH). They pointed out the potential for Ethereum’s continued growth as one possible factor contributing to SOL’s potential upward trend.
Solana To Make A 90% Move Against Ethereum
Experts Happel and Allemann, using their joint account @Negentropic on Twitter, pointed out an evident “Cup and Handle formation” on the SOLETH chart, indicating that Solana’s price could potentially increase by approximately 90% from its current value. Additionally, they mentioned that the SOLETH ratio has been stabilizing for some time and appears poised for a significant upward trend.
At the same time, analysts anticipate that the value of Solana (SOL) could surge due to their belief that Ethereum will experience substantial growth. Consequently, a strong performance by Ethereum might lead to a notable increase in Solana’s price as well. Remarkably, this trend seems to be emerging, with SOL experiencing a rise of up to 7% in response to Ethereum’s recent price surge within the past day.
If Ethereum’s price keeps climbing due to SEC’s potential approval of ETH ETFs, Solana may experience significant growth and potentially reach 90% of its current all-time high ($260), nearing the peak price for the crypto token.
Crypto analyst Javon Marks has previously expressed his belief that Solana’s price could surge by 54% and potentially trigger a subsequent rally of approximately 93%, pushing the token’s value up to around $453.
How High Can SOL Rise In This Bull Run?
According to different crypto analysts, the potential price growth of Solana varies: Altcoin Sherpa anticipates it could reach up to $500 by the end of this year, while Hansolar expects it to hit $600 during the current market cycle. Jake Gagain provides a more optimistic outlook, forecasting that Solana will eventually surpass $750, but predicts this growth may not occur until next year.
It’s intriguing that Hansolar proposed SOL as a potential successor to Ethereum during this market cycle. Ethereum made headlines in the previous bull run for its impressive price surge, which saw its value more than triple en route to its all-time high of $4,891. Ethereum’s growth can be attributed to its decentralized finance (DeFi) applications, with numerous DeFi projects leveraging its network for functionality.
Franklin Templeton’s asset management team believes that Solana is poised to bring on board projects that could spearhead the next surge in cryptocurrency adoption. Consequently, Solana may experience growth akin to Ethereum’s remarkable performance in 2021. This optimistic outlook on SOL‘s potential expansion stems from their prediction that it will eventually rank among the top three crypto tokens by market capitalization, following Bitcoin and Ethereum.
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2024-05-22 01:16