A big-name crypto analyst is predicting a major surge for Solana (SOL), a competitor to Ethereum (ETH).
Solana’s Breakout Potential
Jamie Coutts, a leading crypto analyst at Real Vision, believes that Solana is showing strong signs of a breakout. He’s looking at a specific chart pattern that suggests SOL is about to rise against Bitcoin (BTC). This pattern involves the shorter-term moving average crossing the longer-term moving average, which has historically signaled rallies in the past.
Coutts says, “Solana’s relative strength is quite something. After consolidating against Bitcoin, it looks like a breakout is on the horizon.”
Bitcoin’s Upward Trajectory
Coutts also believes Bitcoin is poised for a climb. He points to several indicators, including a rise in open interest (the total number of outstanding derivatives contracts) and a bullish hash rate (a measure of the computing power used to secure the Bitcoin network).
He explains, “Open interest at new all-time highs, but funding is positive/neutral… Bitcoin is attempting to break out, and this time aggregate positioning is more balanced.”
Hash Rate Signals Bullish Trend
The analyst highlights the importance of Bitcoin’s hash rate, saying, “Bitcoin hash rate recovery is one of the best signals for network health… When you regress hash rate and price, it’s clear they are very interdependent. A growing hash rate says BTC is going higher.”
While Coutts is bullish on both Solana and Bitcoin, he emphasizes that this is not financial advice. Investors should always do their own research before making any investment decisions.
