The post Solana (SOL) surpasses all-time high against Ethereum (ETH) appeared on BitcoinEthereumNews.com.

Solana (SOL) is winning its battle to become the premier layer 1 network behind Bitcoin. The $SOL price has been on a tear against most other cryptocurrencies, and has now surpassed its all-time high against $ETH. Is this usurping of $ETH market share set to continue? $SOL looks to break the macro downtrend Much like the price of $BTC, $SOL has been in a sideways and downwards consolidation phase since mid-March of this year. Like $BTC, the $SOL price has seen some big corrections, followed by big price rises, as it zigzags sideways. However, where $BTC has made a steady series of lower highs and lower lows, the $SOL price broke its lower high sequence at the end of July with a $193 local high. It’s now up to the Solana bulls to make another higher high, followed by a higher low, and set a new uptrend. $SOL breaks out on short time frame Source: TradingView As can be observed in the short term time frame, the $SOL price has recently broken the downtrend. A retest to confirm the break is still to be made, but if the price can take hold above this trend line on a daily time frame, the chances could be good of the price continuing upwards. SOL/ETH pair makes new all-time high Source: TradingView However, it’s against $ETH where the $SOL price has made the most impact among the top layer 1s. In a range with its $ETH pair since December 2023, $SOL has finally broken out after 229 days inside. The current price level also breaks the SOL/ETH all-time high. After such strong upward price movement, the $SOL price may need to come back and confirm the top of the range. If this is successful, look for $SOL to continue on up into SOL/ETH…

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Filed under: News - @ August 9, 2024 8:28 am