Can Solana surpass Ethereum and soar to $180?
Solana prices rebounded strongly, and the cryptocurrency market rose 4.5% in the past 24 hours. Solana once rushed to $150, and then fell back slightly to $145.
More strikingly, Solana surpassed Ethereum, which usually means that it may perform well in the future. However, there is still some controversy about Solana's degree of decentralization. So, what will Solana's price do next?
Why Solana can surpass Ethereum?
Over the past year, the price of SOL has been performing better than Ethereum. Compared with a year ago, Solana is up 4.29%, while Ethereum is down 18.46%. Solana is so powerful, partly because Pump.fun made the meme coin on the chain popular, and partly because it can keep fees low and speeds fast even when the network is busy.
Looking at Ethereum, its US spot ETF has always had negative net flows, and the problems of high fees and slow speed have not been solved. In this way, Solana becomes more attractive.
Speaking of Ethereum's share in TVL, it has really been falling.
From June 20th to now, the price of SOL has risen by 6.39%, while Ethereum has fallen by 30.13%.
Moreover, Ethereum has been criticized. For example, Cyber Capital's CIO Justin Bos said that Ethereum's L2 layer is sucking the life out of the L1 mainnet.
SOL price trend: Is $180 the target?
Now looking at Solana's price, it has formed an inverted head and shoulders pattern, which is a bullish signal. The price is approaching the neckline of $160. If it breaks through, it means that the reversal is successful. The market has come out of the downward trend, and the price is slowly rising. It seems that the power of the bulls is increasing.
If the price of SOL fails to break through the neckline, it may mean that the market is a bit weak and may fall to $145, which is the recent support level.
If it falls further, it may fall to $140, which is the lowest point in the past two months.
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