This Solana Metric Soars, Outperforming Ethereum: SOL Price to ‘Clearly Break All-Time Highs
Solana’s (SOL) market play has been interesting as it continues to outperform Ethereum (ETH) in key metrics. This has sparked predictions of a potential surge to new all-time highs.
Crypto analysts have shared bullish outlooks, highlighting Solana’s revenue records and strong on-chain activity as major factors driving this momentum.
The rise in network revenue and increased total value locked (TVL) signal a shift in market sentiment, with analysts suggesting that SOL’s upward trajectory may continue.
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Solana’s Impressive Network Revenue and On-Chain Activity
Solana has reached new revenue highs, with sources estimating $8.7 million in network revenue on October 23, up from $8 million the day before. This surge has been accompanied by an increase in the total value locked on the network, which has risen from $250M to more over $6.8B this year.
Crypto source Mystery of Crypto noted that SOL has outperformed Ethereum by 600%, indicating robust network usage and increasing adoption. The analyst posed the question of whether Solana could challenge Ethereum’s dominance or if ETH would regain its footing.
Bullish Sentiment: SOL Poised to Break All-Time Highs
Analyst Altcoin Sherpa shared insights via X, stating that Solana is set to “clearly break all-time highs,” emphasizing the strength of the token’s recent on-chain activity.
According to the analysis, SOL’s price has shown significant bullish movement, supported by technical indicators suggesting further upside potential. Altcoin Sherpa’s tweet also highlighted personal confidence, as the analyst confirmed holding a substantial position in SOL, reflecting a strong bullish outlook.
The SOL chart by Sherpa reveals that the token was trading around $177.37, before dipping slightly to $173, yet still maintaining bullish momentum. The consistent upward trend has seen SOL break above a key resistance level at $163.54, marking the start of a new bullish phase.
The analyst’s chart noted the $188.89 resistance level as the next target. Besides, this is with the all-time high at $205.20 being the critical threshold to watch for future gains.
Technical Analysis: Support, Resistance, and EMAs
The recent bullish breakout has shifted the $163.54 level from resistance to support, indicating strong buying interest around this price point. A robust support zone was also established at $129.78, where the token had consolidated before beginning its upward move. These levels now act as key markers that could help sustain Solana’s rally.
The chart’s Exponential Moving Averages (EMAs) also reinforce this positive sentiment. The 9 EMA is positioned above the longer-term EMAs (55, 100, and 200), signaling solid short-term momentum.
The 55 and 100 EMAs continue to slope upward, while the 200 EMA serves as long-term support, all forming a bullish alignment. Analysts see this stacking of EMAs as a sign of sustained upward pressure, further validating the potential for SOL to break past its all-time high.
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Volume Analysis: Strong Buying Interest Confirmed
Volume analysis supports the positive trend, with notable volume spikes accompanying the recent price breakout. Higher volume during bullish candles suggests that buyers are actively pushing the price higher, reflecting strong market participation.
Consistent volume surges add to the growing confidence in Solana’s market, aligning with the optimistic outlook shared by Altcoin Sherpa. Hence, the upward trajectory of Solana has drawn interest across the crypto community, with rising revenue and on-chain metrics adding fuel to its potential rally.
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