A closely followed cryptocurrency analyst suddenly turned bullish on one Ethereum (Ethereum) competition.
The trader goes by the pseudonym Cheds He tells His 375,200 followers on X that Solana (Sol) is preparing for a massive breakout as it rises towards a key level.
The analyst says that if Solana increases by more than 6% from its current value then SOL will confirm the upside.
“SOL is a very huge spot here as price pushes higher towards the underside of missing support, 50 DMA (50 day moving average) and upper BB (Bollinger Bands) daily. It also has a double negative bearish divergence with OBV (balance volume), and two new unsupported highs. A reversal at $78 could be a long thesis, a short invalidation.”
Meanwhile, analytics company Santiment He says On-chain data shows a sudden surge in activity on the Solana blockchain, making SOL ready for huge spikes.
“Solana on-chain activity has been growing rapidly, with active addresses jumping to 4.51 million since Saturday, the strongest stretch for the network since February. This correlates with Solana token shares hitting new highs this week, xStocks chats rebounding around June 26 and SOL rebounding above key levels that brought traders back into the ecosystem.
The bigger story is that Solana has become a destination chain for real trading activity, not just speculation. Token shares, the use of DeFi (decentralized finance), stablecoins, and retail-friendly apps all give users more reasons to interact on-chain. If this increase continues into next week, it strengthens the case that the recent SOL bounce has real network activity to back it up.”
Solana is trading at $73.60 at the time of writing, down 1% on the day.
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