This Crypto flew over Ethereum Classic; Could it possibly get as big as Ethereum? – Sologen – United States dollar ($ SOL)

Solana (CRYPTO: SOL) is trading higher on Friday in a cryptocurrency market that is trading relatively higher.

Solana exceeded the price of Ethereum Classic (CRYPTO: ETC) over the past two months and is now over three times the coin price. Solana is able to execute more than 50,000 transactions per second, against Ethereum, which can only execute about 10 to 15 transactions per second.

Solana was up 5.23% to $ 162.42 at the last check.

Analysis of Solana’s daily chart

• Solana took it higher and is now trading what technical traders call a pennant pattern.
• Crypto has been subject to shrinking ups and downs and nearing the end of the pennant pattern. The crypto could see a breakout and further movement if it is able to break above the pattern’s support or resistance.
• The crypto is trading above the 50-day moving average (green) and the 200-day moving average (blue), indicating that it looks bullish.
• Each of these moving averages may act as support going forward.
• The Relative Strength Index (RSI) has climbed higher over the past two weeks and now stands at 57. This shows that buying pressure has exceeded selling pressure in recent weeks.

See Also: Solana Blockchain Reportedly Raises Up To $ 450 Million As It Tackles Ethereum: Report

What’s next for Solana?

Bullish traders are looking to see Solana break above pattern resistance and pull higher. If the stock can maintain this resistance level as a support level, it may be able to see more bullish pushes.

Bearish traders are looking to see the crypto drop below pattern support and start to move lower. If the crypto can hold below pattern support, it may be subject to further bearish push.

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