Ethereum

Solana

Long

Rise

Recently, a popular crypto trader and YouTuber has <a href="https://twitter.com/cryptojack/status/1788063865751666803?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">predicted</a> a substantial surge in Solana price, forecasting it could reach as high as $360 soon. 
This prediction is underpinned by a technical pattern on Solana’s chart—a bullish signal suggesting a potential reversal from bearish to <a href="https://www.newsbtc.com/news/solana/bitcoin-etf-issuer-franklin-templeton-bullish-on-solana-sol-foresees-it-as-3rd-largest-crypto/" target="_blank" rel="noopener ">bullish momentum</a>. 
<h2 id="technical-insights-into-sol-potential-360-rise">Technical Insights Into SOL Potential $360 Rise</h2> 
According to the trader, CryptoJack on X,&nbsp; <a href="https://www.newsbtc.com/news/solana/why-did-the-solana-sol-price-jump-today/" target="_blank" rel="noopener ">SOL</a> has developed a “rounding bottom pattern” over an extended period, indicating it is on the brink of a significant breakout. 
Notably, the ’rounding bottom’ pattern, characterized by a gradual decline followed by a stabilizing trend and an upward breakout, is a classic bullish indicator in technical analysis. 
CryptoJack’s analysis points out that Solana is setting up for a significant uptick, aiming for a price target double its current value of approximately $146. 
<blockquote class="twitter-tweet"> 
 Solana formed a rounding bottom pattern over many weeks and is primed for an explosion any moment now. 
 I entered a Long position on <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$SOL</a> and expect it to break ATHs this year! <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Solana</a> <a href="https://t.co/ApUazaXXz5" target="_blank" rel="noopener nofollow">pic.twitter.com/ApUazaXXz5</a> 
 — CryptoJack (@cryptojack) <a href="https://twitter.com/cryptojack/status/1788063865751666803?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">May 8, 2024</a>
</blockquote> 
Not only does CryptoJack see a bright future for Solana, but other analysts, such as Altcoin Sherpa, also maintain a bullish stance, with <a href="https://www.newsbtc.com/news/solana/solana-projected-to-reach-500-this-year-despite-market-meltdown-expert-predicts/" target="_blank" rel="noopener ">projections of the token potentially surpassing $500 this year</a>. 
This would represent a 300% increase from its current level, adding to the 589% growth it has already achieved year-to-date. 
<h2 id="solana-challenges-ethereum">Solana Challenges Ethereum</h2> 
While Solana has shown notable growth, some of its key metrics are also beginning to keep up the pace. Dan Smith, a senior research analyst at Blockworks, suggests that Solana could soon surpass Ethereum regarding transaction fees and capture Maximal Extractable Value (MEV). 
Smith’s analysis of X highlights that Solana’s total economic value is nearing Ethereum’s, indicating its increasing relevance in the blockchain space. 
<blockquote class="twitter-tweet"> 
 Solana will flip Ethereum in transaction fees + captured MEV this month, maybe even this week 
 — Dan Smith (@smyyguy) <a href="https://twitter.com/smyyguy/status/1787873700382994807?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">May 7, 2024</a>
</blockquote> 
Despite this competition, Ethereum maintains a significant lead in daily transaction fees and total value locked (TVL). In the last 24 hours, Ethereum generated over $2.75 million in fees, compared to Solana’s $1.49 million. 
<img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GM_cUD-XYAAM3lC?format=jpg&amp;name=medium" alt="Solana vs Ethereum transaction fees." width="1200" height="441"> 
Moreover, according to <a href="https://defillama.com/chain/Solana" target="_blank" rel="noopener nofollow">data</a> from DeFillama, Ethereum’s TVL of over $53 billion dwarfs Solana’s $3.96 billion, representing just about 7.2% of <a href="https://www.newsbtc.com/news/eclipse-and-neon-evm-drive-solana-ethereum-integration-for-blockchain-interoperability/" target="_blank" rel="noopener ">Ethereum’s scale</a>. 
Meanwhile, Ethereum <a href="https://www.newsbtc.com/analysis/sol-price-pops-140/" target="_blank" rel="noopener ">does not come close to Solana</a> in terms of market performance. Solana has seen quite outstanding growth in the past year, surging by over 500%. On the other hand, Ethereum has only seen a 66% surge over the same period. 
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Featured image from Unsplash, Chart from TradingView

Solana’s Surge: Here’s Why This Analyst Is Predicting A Rise To $360

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