Solana Reaches New High Against Ethereum, SOLETH Eyes Potential Breakout
Solana (SOL) has reached an all-time high against Ethereum (ETH) as of August 7, with traders anticipating a potential surge to $200, a level last reached on March 18. SOL's price against ETH hit 0.06211, highlighting Solana’s stronger price performance against Ethereum in recent days.
Source: CoinMarketCap, TradingView
Trader Duo Nine highlighted a possible breakout on the weekly chart, noting a cup-and-handle pattern forming. He suggested that if Ethereum remains unchanged, Solana could continue its upward trajectory.
Analytics resource Santiment pointed out on X that Solana is a “sentiment driven cryptocurrency,” and could continue to rise if market sentiment remains skeptical. In recent days, Solana has outperformed most cryptocurrencies, gaining over 15% against Bitcoin (BTC) since the lows of August 4-5.
The possibility of SOL reaching $200 is supported by a bullish pennant pattern on the four-hour chart, as shared by crypto trader Satoshi Flipper. Other analysts, like ZAYK Charts, also see a bullish pennant on the three-day chart, predicting an imminent breakout if SOL “can get a higher timeframe (HTF) close above $148.”
Despite these gains, Solana's price remains 40% below its all-time high of $260 from November 2021. Currently, SOL has risen 4% in the past 24 hours to $155 and is down only 8.8% over the past 7 days after recovering sharply from Monday’s market rout.
