In a notable development in the cryptocurrency space, Solana (SOL) has been growing in recent months and attracting investors due to its high valuation.
The Solana cryptocurrency is showing a signal of potential rise in its price, according to an analysis shared on March 25 by renowned cryptocurrency analyst Jelle.
The expert noted that the Solana cryptocurrency managed to turn its last crucial resistance level before reaching new all-time highs into a support level. This movement is an important indicator that suggests bullish sentiment around the SOL token, with the cryptocurrency potentially reaching a price of US$250 in the summer.
“$SOL has successfully moved past the last key resistance before new all-time highs to support. I'm sure this continues to rise. >$250 in the summer,” he wrote.
$ SOL successfully flipped the last key resistance before new all-time highs into support 👀
Pretty sure this just keeps pushing higher. >$250 by summer. pic.twitter.com/kKo3woBEvp
— Jelle (@CryptoJelleNL) March 25, 2024
At the time of publication, the solana price it was quoted at US$ 191,79 with an increase of 8.7% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$4.198.001.289. The price of SOL has seen a 5.2% pullback in the last seven days.
Is Solana better than Ethereum? Arthur Hayes provides interesting commentary
The Ethereum vs Solana rivalry has become more fervent after Solana reached crucial milestones in recent months. Recently, the cryptocurrency managed to surpass BNB in market capitalization, in addition to rising to the top 3 in the DeFi ranking.
To comment on the two blockchains, cryptocurrency influencer Anthony Pompliano recently interviewed BitMEX co-founder and former CEO Arthur Hayes. When asked about the ETH vs. SUN, the billionaire emphasized: “I don’t think anything will be ETH.”
“If you think about the primitives of DeFi and dApps, the first version is always on Ethereum. Not on Solana, AVAX, Cardano or any other blockchain. "
