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. Access COINTURK FINANCE to get the latest financial and business news.
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.