Bullish Trends in Solana
Solana has shown a significant surge of 20.8% in the past week and 3.6% in the daily timeframe. Technical analysis indicates that Solana is forming an ascending triangle pattern, hinting at a potential breakout. With resistance at $193.92 and support at $141.68, SOL could potentially reach between $250 and $300 by the end of 2024. Known for its high throughput and low transaction fees, Solana’s unique Proof-of-History (PoH) consensus mechanism allows it to process up to 65,000 transactions per second. Currently priced at $176 with a market capitalization of $81 billion, SOL is closely following Bitcoin’s movements and solidifying its position among the top cryptocurrencies.
Ethereum ETF Speculation Driving Price Gains
Ethereum has seen an increase in price fueled by discussions surrounding the approval of an Ethereum ETF in the US. With the current price standing at $3,496.61 and a 42% climb since the beginning of 2024, Ethereum has experienced a rise of over 5% in July alone. The ongoing talks about Ethereum ETFs with companies like VanEck, Valkyrie, and Grayscale filing applications with the SEC have significantly contributed to this upward trend. Despite not having any ETF approved yet, the anticipation of institutional investment through these funds has boosted investor confidence and pushed up the price. While Ethereum’s price remains below its all-time high from November 2021, developments in the Ethereum ecosystem and the potential for ETF approval continue to keep traders optimistic about its long-term potential.
