Here’s Where Solana Is Starting to Look Stronger Than Ethereum
Main Idea
Solana is showing signs of outperforming Ethereum, with a potential breakout above $190 signaling a major rally, driven by increased trading volume, open interest, and network revenue.
Key Points
1. A classic 'cup-and-handle' pattern is forming for Solana, with a breakout above $190 potentially triggering a bullish rally.
2. Solana's trading volume spiked by almost 70%, and open interest rose sharply to near $10.7 billion, indicating strong market interest.
3. The SOL/ETH ratio has rebounded, suggesting Solana may outperform Ethereum, especially with Solana's 5% gain compared to Ethereum's 1% in the last 24 hours.
4. Solana's revenue from core network activities in Q2 reached approximately $271 million, nearly three times that of Ethereum.
5. Analysts suggest reclaiming the $190-$200 range could mark a fresh bullish phase for Solana.
Description
On-chain data shows Solana faces a massive resistance wall at $190, where 8 million SOL were bought A classic “cup-and-handle” pattern is forming, with a breakout above $190 signaling a major rally Solana is also starting to outperform Ethereum, with 3x the network revenue and stronger price action The Glassnode Cost Basis Distribution heatmap shows a large accumulation of Solana around the $190 level, which is about 8 million tokens held at that price zone. This cluster marks a strong resistanc...
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