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Solana’s price reached an all-time high against Ethereum on August 7, reminding investors of its potential to break the $200 mark, a level not seen since March.
Solana’s Price Movement
Data from Binance and TradingView shows that SOL’s price reached 0.06211 against ETH, marking an all-time high. Since June 23, the SOL/ETH pair has been showing higher price peaks on the daily chart, indicating potential further increases.
Popular cryptocurrency investor DuoNine shared a weekly chart on August 7, suggesting a breakout based on a cup and handle formation:
If nothing changes for Ethereum, Solana will take its share. A breakout seems close.
Solana’s market recovery has been better than most other cryptocurrencies. Since the low levels seen on August 4-5, SOL’s price has increased by over 15% against Bitcoin.
SOL is a sentiment-driven cryptocurrency, and if the crowd shows disbelief, it may continue to rise.
Will Solana Reach $200?
According to a four-hour chart shared by cryptocurrency investor Satoshi Flipper on August 7, Solana might move above the psychological resistance of $200 in its next upward movement.
Other analysts also believe that similar price breakouts could occur in different time frames. For example, popular crypto analyst ZAYK Charts notes a bullish flag formation on the three-day chart:
SOL is moving within a Bull Flag on the 3D Time Frame. A breakout is expected soon.
However, renowned analyst Hov shared another analysis on August 6, stating that if Solana fails to turn the $148 level into support, it could face a correction below $100 in the coming days or weeks:
SOL is still at a crucial level. If it can close above $148 on a higher time frame (HTF), I think it will move roughly to $180…
As of the time of writing, Solana’s price is trading 41% below its all-time high of $260 seen in November 2021. SOL is trading at $146.81 after a 0.15% drop in the last 24 hours.
