Solana (SOL) is not just a cryptocurrency, but also a blockchain ecosystem. Much of its recent growth is taking place in the DeFi space, where Solana is quickly displacing Ethereum, the long-standing leader, and is sometimes referred to as the “Ethereum killer.”
Simply said, Solana is quicker and less expensive than Ethereum, and it is capable of anything Ethereum does. Therefore, it seems natural that developers and users will move to Solana.
In the upcoming days, the price of Solana is expected to show a massive bull run. It is currently creating the handle portion of a well-known bullish sign called the cup and handle pattern. Additionally, SOL has maintained its position above the 100-day moving average.
The upper edge of the cup, at $263.90, will thus be the first SOL price that needs to be observed. A rise over that level will imply more increases toward the year-to-date high of $295. That crossing will signal further increases, with $500 being the next key to monitor, followed by $700, according to the market experts.
