Can Solana (SOL) Flip Ethereum? BeInCrypto

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News Source : BeInCrypto

News Summary

  • Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.The most likely wave count suggests that SOL is nearing the top of a five-wave upward movement (black) that began in June..
  • In that case, the price could fall 35% to the closest support at 0.032 ETH.Despite this bearish SOL price prediction, a close above the all-time high region of 0.055 ETH will extend the rally..
  • This raises the question: Can Solana flip Ethereum next year?Speaking to BeInCrypto, Julian Deschler, the Co-founder of Elusiv, discussed some of the reasons for the Solana price increase this year.Elusiv is a universal encryption layer for Web3, empowering the decentralized world..
  • Rather, Ethereum outperformed Solana through the year’s first half, and the trend reversed in the second one..
  • Numerous projects on Solana without tokens offer further potential for increased liquidity..
  • Also, SOL gained prominence this year through major projects launching tokens via airdrops (BONK)..
Solana (SOL) has been one of the bestperforming cryptocurrencies in 2023, starkly contrasting Ethereum (ETH).While SOL has increased by more than 1,000%, ETH has only moved upward by 90%. This ra [+3735 chars]

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