Solana's SOL price has reached a new all-time high against Ethereum (ETH) on August 7, 2024, hitting a value of 0.06211 ETH. This milestone has sparked significant interest among traders, who are now eyeing a potential breakout to the $200 mark, a level that has not been seen since March 2024. The SOL/ETH trading pair has demonstrated a consistent upward trend, forming higher highs on the daily chart since June 23, indicating that further gains could be on the horizon.
According to data from Binance and TradingView, the recent performance of Solana has positioned it favorably in the market. Popular trader Duo Nine highlighted the potential for a breakout, suggesting that if Ethereum's performance does not improve, Solana could continue to gain ground. He noted on social media that "if nothing changes for Ethereum, Solana will eat its cake," emphasizing the bullish sentiment surrounding SOL's price action.
The technical charts reveal a cup-and-handle formation that could signal a significant upward movement. Traders are optimistic, with many expecting that Solana's price could surpass the psychological barrier of $200 soon. Satoshi Flipper, another crypto trader, pointed out a bullish pennant pattern on the four-hour chart, reinforcing the notion that a breakout above $200 is imminent.
Solana has also shown resilience against Bitcoin (BTC), gaining over 15% since the lows recorded on August 4–5. Analytics platform Santiment noted that SOL is a sentiment-driven cryptocurrency, suggesting that its market cap ranking at #5 could continue to rise if investor sentiment remains strong. The overall market dynamics have positioned Solana as a standout performer among its peers.
Despite the bullish outlook, analysts caution that Solana must establish $148 as a new support level to maintain its upward momentum. Popular analyst Hov warned that if SOL fails to secure a higher timeframe close above this level, it could face a correction below $100 in the coming days or weeks. He stated, "SOL is at an important level though. If it can get a higher timeframe close above $148, I think it'll carry to roughly $180."
Currently, Solana's price is approximately 41% below its all-time high of $260, which was achieved in November 2021. The recent surge to $152, representing a 9.4% increase in the last 24 hours, reflects a strong recovery, even though it remains down over 16% on the weekly chart. Traders and analysts are closely monitoring the situation, as the next few days will be crucial in determining whether Solana can maintain its bullish trajectory or face a pullback.
In summary, Solana's recent performance against Ethereum marks a significant milestone in its trading history. With traders optimistic about a potential breakout to $200, the cryptocurrency's technical indicators and market sentiment suggest that SOL could continue to rise, provided it can solidify its support levels. As the market evolves, all eyes will be on Solana to see if it can sustain its momentum and challenge its previous all-time highs.
