According to an analysis by a technical analyst known as “CryptoGodJohn,” there is potential for Solana (SOL) to outperform Ethereum (ETH) in the coming years. The analyst suggests that now may be a good time for traders to swap their ETH for SOL before a potential upward price movement. Looking at the price chart, it seems that the path of least resistance for SOL is upward, with prices hovering around critical resistance levels. While trading volumes may not be as high as they were in previous quarters, sentiment is shifting in favor of SOL bulls. If buyers can push the price above certain key levels and confirm a bullish trend, SOL may see significant gains in the future.
However, it is important to note that it is unclear how prices will react in the immediate future. The current weekly chart for SOL shows signs of possible rejection, with a long upper wick indicating the potential for a sell-off in lower time frames. Additionally, the price of SOLETH is still influenced by a bearish candlestick from November 2022, which was characterized by high trading volumes and fear-driven conversion of SOL to ETH. This candlestick was a result of the collapse of FTX, a popular cryptocurrency exchange, which caused concerns about the selling off of over 50 million SOL held by FTX and Alameda Research. Whether SOL will be able to reverse the post-FTX collapse drop and see significant gains remains to be seen.
#Solana #Ethereum #cryptocurrency #trading #analysis #SOL #ETH #bullish
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/09/eth1.png
Comments are closed.