In the shimmering world of cryptocurrency, where volatility and speculation are at the core, the co-founders of the on-chain analytics platform Glassnode, Jan Happel and Yann Allemann, have stirred up the market with their recent foretelling. Both the market mavens imply a significant northward turn for Solana (SOL) in proximity to Ethereum, speculating that the rise of Ethereum could provide an upward momentum for SOL too.
Happel and Allemann, communicating through their joint account ‘@Negentropic’, spotted a prominent ‘Cup and Handle pattern’ on Solana’s chart in relation to Ethereum. They believe this PHenomenon hints at a 90% bullish stride for Solana from its present valuation. Further analysis reveals that the SOL/ETH proportion has been steadily gathering momentum and might be bracing for a significant shift ascend.
Backing their projection, they also anticipate Solana’s value to escalate, heavy with the expectation of Ethereum’s imminent “high move”. Thus, a potential rally for Ethereum, the second-largest crypto token, could feasibly inspire a noteworthy leap for Solana. An omen of this prophecy seems to have already materialized with SOL’s 7% price surge riding on the coattails of Ethereum’s recent upswing.
This speculated shift showcases the likelihood of Solana’s value advancing higher as Ethereum continues its upward trend. Statements from the Securities and Exchange Commission (SEC) about possible approval of pending Spot Ethereum ETF applications have been bolstering Ethereum’s ascent. Consequently, a 90% surge for Solana might place this crypto token tantalizingly close to its previous high watermark of $260.
Well-known crypto analyst, Javon Marks, having previously forecasted such a possible swell for SOL, suggests that a price surge of 54% may already be in store. Marks’ theory holds that if Solana realizes this price increment, there would be further room for another 93% price rally, hoisting SOL’s market value to an impressive $453.
How high Solana can ascend in this particular bull run has sparked diverse predictions. Analyst Altcoin Sherpa visualizes a Solana climax of $500 by year-end, while Hansolar anticipates Solana might touch $600 within this market cycle. Crypto YouTuber Jake Gagain emits an even more optimistic prediction, envisioning Solana’s rise to $750, albeit occurring next year.
Hansolar additionally speculates that SOL has the potential to emerge as the new Ethereum for this cycle. Ethereum, having been one of the star performers in the previous bull run, saw its price triple on its path to the current all-time peak of $4,891. This was largely facilitated by its decentralized finance (DeFi) utility and vast endorsement by numerous DeFi projects.
Asset management giant Franklin Templeton hints at Solana being the chosen one to launch more projects triggering the next wave of crypto adoption. This, in turn, could trigger a meteoric run for Solana, akin to Ethereum’s epic performance in 2021. This justifies the bullish outlook of the asset manager on SOL’s exponential growth, foreseeing it to possibly escalate to the third-largest crypto token, trailing only Bitcoin and Ethereum.
Solana’s recent price leap above $180, justifies the buzzing excitement around its potential bull run. However, as with any market predicting, the rollercoaster world of cryptocurrencies holds an equal measure of highs and lows. Yet, for now, the whispers of Solana’s ascension grow louder with each passing day.
