Satoshi

Solana

Solana’s (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) price hit a new all-time high against Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) on Aug. 7, and traders are eyeing a potential breakout to $200, a level not seen since March.&nbsp;
<h2 id="solana-hits-new-all-time-high-against-eth">Solana hits new all-time high against ETH</h2>
SOL’s price has entered price discovery, hitting an all-time high of 0.06211 against ETH, according to data from Binance and TradingView.
The SOL/ETH trading pair has been forming higher highs on the daily chart since June 23, suggesting that more upside is possible.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/0ed23c87-00f9-43b8-abd8-bdd57d21b5ed.png" alt="Solana hits new all-time high against Ethereum, but is $200 SOL price within reach?" title="">
 <figcaption style="text-align: center;">
 SOL/ETH, 1-day chart. Source: TradingView
 </figcaption>
</figure>
Zooming out, the weekly chart could set Solana up for a breakout based on a cup-and-handle pattern, according to popular trader Duo Nine, who <a href="https://x.com/DU09BTC/status/1821098166491738585/photo/1" target="_blank" rel="noopener nofollow">wrote</a>&nbsp;in an Aug. 7 X post:
<blockquote data-ct-non-breakable="true">
 “If nothing changes for Ethereum, Solana will eat its cake. Breakout appears imminent.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/e6626a6b-0fb0-449f-9aba-ae3aeec5b5c1.jpeg" alt="Solana hits new all-time high against Ethereum, but is $200 SOL price within reach?" title="">
 <figcaption style="text-align: center;">
 SOL/ETH, cup and handle chart formation. Source: Duo Nine
 </figcaption>
</figure>
Solana has <a href="https://cointelegraph.com/news/why-is-solana-price-up-this-week">also outperformed most other cryptocurrencies in recent days</a>. SOL’s price gained over 15% against Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) since the Aug. 4–5 lows.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/b69e32bf-a079-46cc-83d7-94f2246e3c7f.jpeg" alt="Solana hits new all-time high against Ethereum, but is $200 SOL price within reach?" title="">
 <figcaption style="text-align: center;">
 SOL rebound against BTC. Source: Santiment
 </figcaption>
</figure>
“SOL is a particularly sentiment driven cryptocurrency, and the #5 ranked market cap asset can continue to surge if the crowd shows disbelief,” <a href="https://x.com/santimentfeed/status/1821105968433844582" target="_blank" rel="noopener nofollow">noted</a> analytics resource Santiment on X.&nbsp;
<h2 id="can-sol-s-price-reach-200-next">Can SOL’s price reach $200 next?&nbsp;</h2>
According to a bullish pennant on the four-hour chart shared&nbsp;by crypto trader Satoshi Flipper in an Aug. 7 X <a href="https://x.com/SatoshiFlipper/status/1821105718893629540/photo/1" target="_blank" rel="noopener nofollow">post</a>, Solana could break out above the $200 psychological mark next.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/fe9a31fb-6313-49f7-8bf8-f18871b7c1e1.png" alt="Solana hits new all-time high against Ethereum, but is $200 SOL price within reach?" title="">
 <figcaption style="text-align: center;">
 SOL/USDT, 4-hour chart. Source: Satoshi Flipper
 </figcaption>
</figure>
Others are also expecting a breakout to the upside based on other timeframes. The three-day chart, for example, is painting a bullish pennant pattern, argues popular crypto analyst ZAYK Charts, who <a href="https://x.com/ZAYKCharts/status/1821077515060048179/photo/1" target="_blank" rel="noopener nofollow">wrote</a>:
<blockquote data-ct-non-breakable="true">
 “SOL Moving inside the Bullish Pennant in 3D Timeframe. Expecting Breakout soon.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/c14d9efc-3e6f-4c5b-ba44-ac4cd979d910.jpeg" alt="Solana hits new all-time high against Ethereum, but is $200 SOL price within reach?" title="">
 <figcaption style="text-align: center;">
 SOL/USDT, 3-day chart, bullish pennant. Source: ZAYK Charts
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-price-downside-last-2-months">Bitcoin price downside may last 2 months — Analysis</a>
However, Solana must turn $148 into support or risk a correction below $100 in the coming days or weeks, argues popular analyst Hov, who wrote&nbsp;in an Aug. 6 X <a href="https://x.com/HovWaves/status/1820885602272997483" target="_blank" rel="noopener nofollow">post</a>:
<blockquote data-ct-non-breakable="true">
 “SOL is at an important level though. If it can get a higher timeframe (HTF) close above $148 I think it’ll carry to roughly $180…”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/896cd466-fe8f-4b6f-8499-718048db1c25.jpeg" alt="Solana hits new all-time high against Ethereum, but is $200 SOL price within reach?" title="">
 <figcaption style="text-align: center;">
 SOL/USD, 1-day chart. Source: Hov
 </figcaption>
</figure>
Solana’s price remains 41% away from its old all-time high of $260, which it reached three years ago in November 2021.
SOL’s price rose 9.4% during the past 24 hours to $152 but remains down over 16% on the weekly chart.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Solana hits new all-time high against Ethereum, but is $200 SOL price within reach?

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Cointelegraph

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