New money can't afford $ETH, fees are high, NFTS are expensive. Meanwhile Solana offers basically free NFT minting, a large ecosystem with powerful backers, great projects on the top of it, but mainly higher rewards with pretty much the same risk. If the market remains bullish (and looks like it will) I guess its safe to assume that a lot of new capital will flow into $SOL soon.
From a technical perspective its been ranging in the rising channel since January 2021, the ma are heading up, the volume is rising again, on the daily it broke out of a symmetrical triangle within an uptrend and the move was pretty strong, so I guess we will see more upside in the coming weeks. Potentially a 70% and a 100% move over the course of the next month. However, it looks like its the 5th Wave of the Elliot cycle so there might be an ABC correction once it hits the top of the channel. I know that markets can stay irrational for a long time especially in the case of Solana, but the resistance in 350-400$ area should be strong.
From a technical perspective its been ranging in the rising channel since January 2021, the ma are heading up, the volume is rising again, on the daily it broke out of a symmetrical triangle within an uptrend and the move was pretty strong, so I guess we will see more upside in the coming weeks. Potentially a 70% and a 100% move over the course of the next month. However, it looks like its the 5th Wave of the Elliot cycle so there might be an ABC correction once it hits the top of the channel. I know that markets can stay irrational for a long time especially in the case of Solana, but the resistance in 350-400$ area should be strong.