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

Zoltan Vardai8 hours agoSolana hits new all-time high against Ethereum, but is $200 SOL price within reach?Solana’s price could rally to $200 if SOL manages to flip $148 into a support level, technical analysis suggests.2498 Total views1 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onSolana’s (SOL) price hit a new all-time high against Ether (ETH) on Aug. 7, and traders are eyeing a potential breakout to $200, a level not seen since March. Solana hits new all-time high against ETH

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.SOL/ETH, 1-day chart. Source: TradingView

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 wrote in an Aug. 7 X post:“If nothing changes for Ethereum, Solana will eat its cake. Breakout appears imminent.”SOL/ETH, cup and handle chart formation. Source: Duo Nine

Solana has also outperformed most other cryptocurrencies in recent days. SOL’s price gained over 15% against Bitcoin (BTC) since the Aug. 4–5 lows.SOL rebound against BTC. Source: Santiment

“SOL is a particularly sentiment driven cryptocurrency, and the #5 ranked market cap asset can continue to surge if the crowd shows disbelief,” noted analytics resource Santiment on X. Can SOL’s price reach $200 next? 

According to a bullish pennant on the four-hour chart shared by crypto trader Satoshi Flipper in an Aug. 7 X post, Solana could break out above the $200 psychological mark next.SOL/USDT, 4-hour chart. Source: Satoshi Flipper

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 wrote:“SOL Moving inside the Bullish Pennant in 3D Timeframe. Expecting Breakout soon.”SOL/USDT, 3-day chart, bullish pennant. Source: ZAYK Charts

Related:Bitcoin price downside may last 2 months — Analysis

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 in an Aug. 6 X post:“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…”SOL/USD, 1-day chart. Source: Hov

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.# Cryptocurrencies# Altcoin# Ethereum# Markets# Ether Price# SolanaAdd reaction