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Solana to Skyrocket? Key Chart Shared by Analyst

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Wed, 19/06/2024 - 8:15
Solana to Skyrocket? Key Chart Shared by Analyst
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Analyst Will Clemente has shared an important price chart for Solana from Sept. 30 - one that you probably did not see. The chart compares Solana to Ethereum, and while the asset has been going down against ETH in September, things have changed since then, and the analyst suggests that a reversal might be incoming now.

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When compared to Ethereum, Solana's performance in September revealed a distinct downward trend, suggesting that ETH was outperforming SOL. But recent events have given rise to rumors of a possible reversal. 

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Solana/ETH Chart by TradingView

When comparing SOL to ETH on a weekly basis, the chart indicates stabilization and potential upward movement. When Solana's chart is compared to the U.S. dollar (USD), a different picture emerges. In spite of changes on the market, SOL has performed well, continuing on its upward path. 

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A bullish trend is indicated by SOL trading above the 50-day EMA and the 200-day EMA, which reinforces this resilience. On the other hand, the relative performance of the two assets is indicated by the SOL/ETH chart. 

Although Solana has performed well against the U.S. dollar, it has not fared as well against Ethereum. SOL appears to be preparing for a resurgence in relation to ETH based on the most recent charts. Changes in market dynamics may occur if Solana is able to breach significant resistance levels against Ethereum. 

The interaction between Solana and Ethereum's respective performances will be critical if both begin to rise at the same time. Solana's performance against Ethereum will determine whether it can recover lost ground; however, its strength against the USD could lay the groundwork for a strong upward move. With each asset building on the momentum of the other, synchronized upward movement on both assets would probably result in large gains for investors.

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