- Solana is gaining strong bullish momentum, with the SOL/ETH ratio hitting a record weekly high and SOL outperforming both Ethereum and Bitcoin.
- With positive technical indicators and rising DEX volumes, analysts believe Solana has a realistic shot at reaching $300 by the end of April.
Solana is stealing the spotlight as it continues to pose bold threats to the second-largest cryptocurrency, Ethereum. Nitably the the SOL/ETH ratio has reached a new all-time high on the weekly chart. The ratio, which measures Solana’s relative strength against Ethereum, has surged to 0.08 after a 23% gain over the past seven days, up from a weekly low of 0.065.
This bullish momentum against Ethereum has sparked intense speculation that Solana’s price could hit $300 before the end of April.
Solana’s price has jumped from $108 to $131 in just a week, posting a 21% gain, while Ethereum has managed only a modest 5% during the same period. With momentum clearly favoring Solana, analysts are becoming increasingly confident in a potential SOL rally.
Crypto analyst Tony has even suggested that Solana flipping Ethereum by market cap is “closer than everyone anticipated.”
Adding to the bullish case, trader SZ pointed out that Solana isn’t just outperforming Ethereum, but also Bitcoin. The SOL/BTC pair has broken a descending trendline, signaling strength and increasing the likelihood of a sharp upward move.
A recent BitBulls analysis supports this sentiment, noting that the Solana CME futures chart mirrors Ethereum’s 2021 breakout, which led to massive price gains.
To hit the $300 mark by the end of April, Solana would need to surge another 129%. While ambitious, it’s not unprecedented—SOL rallied over 80% in a single week earlier this year. With bullish technical indicators and growing investor confidence, such a move is within reach.
Solana’s strength isn’t just limited to price action. On-chain data shows Solana has outpaced Ethereum in decentralized exchange (DEX) volumes for three consecutive days. As of now, Solana’s DEX volume stands at $2.43 billion, compared to Ethereum’s $1.75 billion.
However, it’s worth noting that daily volumes have cooled off significantly since peaking at $35 billion in January, largely due to a slowdown in meme coin activity on the PumpFun launchpad.
From a technical perspective, the digital asset is showing strong bullish signals. On the four-hour chart, the 20-day EMA has crossed above the 200-day EMA, an indicator often seen as a sign of a continued uptrend. Moreover, the Chaikin Money Flow (CMF) remains positive, suggesting that buying pressure outweighs selling pressure.
As Solana continues to assert dominance over Ethereum and Bitcoin, both in price and blockchain activity, the $300 price target no longer seems outlandish. With the SOL/ETH ratio at a record high and technicals lining up, all eyes are on whether Solana can maintain this momentum and complete its climb to a new all-time high this April.
