Is Solana’s $SOL on the verge of a major rally and will it overtake Ethereum’s $ETH as the token powering Web3’s hottest high-functionality smart contract blockchain?
With its current market cap of $92.5 billion, Solana needs to 5x to comfortably beat Ethereum, which currently capitalizes $398 billion of the $3.43 trillion crypto market.
That’s not likely to happen anytime soon, because with the way crypto is right now, if Solana is on a roll then Ethereum definitely will be too.
Technically, the two are direct competitors, so Solana will always seek to take Ethereum’s customers, but until Solana can offer an experience totally incomparable in scale, speed, efficiency, ease an security, then $SOL will always be second fiddle to the more-established Ethereum.
Solana Price Analysis – Bullish Chart Pattern Starts Forming
Crypto X analyst MartyParty tweeted that Solana’s recent cup-and-handle patterns could indicate a monumental rally up 20 $382, which would bring returns of at least around 100% for all current holders.
There is certainly strong indicators to suggest Solana could manage such a feat.
Right now its support and resistance lines are converging in a classic bullish pennant pattern, as Solana’s relative strength index rebounds up from 45, suggesting $SOL’s price is itching to go a leg higher.
This shows that despite the recent sell-off, there is a chance that SOL could rebound quickly from current prices and rally much higher.
As $SOL Breakout Looms, Savvy Traders Enter Solana’s New Solaxy
One of the perks of increased adoption of crypto is that it creates a huge appetite for Bitcoin alternatives like Ethereum, Solana’s $SOL and other so-called ‘altcoins’.
Analysts now agree that the Solana network, in particular, might be one of a small handful of key players in post-adoption Web3.
Over in the presales market, an ICO for Solana’s first meme coin-focused Layer 2 solution, Solaxy ($SOLX), has raised over $9.4 million in around three weeks, boosted by a $158k whale investment on New Year’s Eve.
Solaxy addresses Solana’s congestion challenges by bundling transactions on a second layer before settlement on Layer 1, enhancing scalability without compromising performance.
It also bridges Solana with Ethereum, combining Ethereum’s liquidity with Solana’s speed and cost-efficiency for seamless DeFi and meme coin trading. Given Solana’s pivot to the meme scene, $SOLX is the perfect portfolio diversifier for $SOL holders.
Solaxy protocol has attracted significant attention, with influencers like StockInvestor and ClayBro highlighting its potential. Solaxy has gained over 60,000 social media followers as excitement builds for its role in Solana’s meme coin and DeFi expansion.
Investors can purchase $SOLX at $0.001594 per token, though this price will incrementally rise to $0.001596 within two days.
Early investors benefit from high staking yields, currently offering up to 370% APY, though this rate decreases as more tokens are staked. Supporters have already staked around 3 billion $SOLX tokens.
Purchase $SOLX at Solaxy.io or via Best Wallet’s ‘Upcoming Tokens’ feature. Funds from the presale will support product development and marketing, positioning Solaxy for long-term growth within the Solana/$SOL ecosystem.
Stay updated on X and Telegram.
The post Solana’s ‘Rare’ Pattern Predicts 100% Rally – Could $SOL Overtake Ethereum? appeared first on Cryptonews.
