Solana (SOL) draws nearer to a breakout

Solana is one of the leaders in this crypto bull market, and having consolidated since its $126 top on Christmas day, ethereum’s biggest competitor is getting nearer to a breakout.

Solana consolidation nearing completion 

Source: Trading View

Solana is starting to look as though its next big runup is on the way. Currently up against the top of the consolidation triangle and also facing resistance which used to be support, $SOL still has to break through these obstacles before it can run higher.

$SOL still in uptrend against $BTC

Source: Trading View

Comparing $SOL with its $BTC pairing, the trend is still very much upward, and this has been the case since mid-September 2023. $SOL also reached its high against $BTC on Christmas day, and a correction of 32% did take place. However, the trend was not broken and has now resumed.

$SOL is becoming the $ETH of the last bull market 

Source: Trading View

The SOL/ETH chart tells a similar story to that of SOL/BTC. The trend is still up, despite a big correction of 36%. A breakout against $ETH could also be in the offing in the next day or two.

Solana is currently in fifth position in overall market cap, just behind Binance coin (BNB) and Tether (USDT), with its sights on Ethereum (ETH) in second position. Ethereum has been the undisputed king of the layer 1 blockchains for the past few years, but this bull market could see Solana starting to reel Ethereum in, and become the Ethereum of the last crypto bull market.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Credit: Source link