Solana, often called the Ethereum killer, has received this nickname for a very good reason. The latest Solana updates have drawn the attention of investors, and they made bullish predictions. The technical indicators are also promising.
A recent analysis shows a potential 21% price increase, making Solana a powerful competitor to Ethereum.
Also Read: Solana SOL Makes Gains Over The Weekend, Is $170 Coming?
Understanding Solana: The Ethereum Killer
Bullish Patterns and Price Predictions
Ali Martinez is a crypto analyst who has identified a W pattern forming in Solana’s chart. Looks like Solana might be gearing up for a jump to $174, if this pattern plays out as expected.
This double-bottom pattern has pointed to a bullish reversal in the past. We hope this will be the end of a bearish trend.
Market Sentiment and Analyst Opinions
Other notable analysts also amplify the bullish sentiment surrounding Solana. Daniel Cheung of Syncracy Capital predicts SOL could reach 50% of Ethereum’s market valuation.
At the same time, trader Eugene Ng Ah Sio expresses confidence that Solana will become the market’s favorite.
Also Read: Solana ETF Hype Renewed as Circle Mints $250M in USDC
Solana’s Technical Analysis
SOL has broken out above $144 and continues to rise towards the following resistance level of $160.
There is a chance for a potential double bottom to form, which would be confirmed upon a breakout above $154 on the daily chart.
This process could cause a technical price target of around $187, which would be a 21% potential move.
Ethereum Performance Comparison
At the same time, Ethereum is also showing signs of a bullish reversal. A “bump and run reversal pattern” was noticed on Ethereum’s daily chart. This suggests that a potential upward movement is coming. That said, Ethereum faces resistance in the golden pocket between $3520 and $3570.
Also Read: Solana SOL’s Bull Run and Market Predictions
SOL’s chance to reach a 21% price increase and its nickname suggesting it will be the end of Ethereum shows its importance in the crypto landscape.
As the market evolves, so does the excitement of investors and enthusiasts. We look forward to seeing how this ‘’battle’’ will be fought and who might become the victor.