A closely followed crypto analyst is suddenly turning bullish on one Ethereum (ETH) rival.
Pseudonymous trader Cheds tells his 375,200 followers on X that Solana (SOL) is primed for a massive breakout as it rallies towards a key level.
The analyst says if Solana increases more than 6% from its current value SOL would confirm a bullish trend.
“SOL is absolutely massive spot here as price pushes up into the underside of lost support, DMA 50 (50 Day Moving Average) and upper BB (Bollinger Bands) on daily. Also has double negative bearish divergence with OBV (On-Balance Volume), two new unsupported highs. Flip of $78 can be a long thesis, and invalidation for a short.”
Meanwhile, analytics firm Santiment says on-chain data shows a sudden increase in activity on the Solana blockchain, setting SOL up for massive rallies.
“Solana’s on-chain activity is heating up fast, with active addresses jumping to 4.51M since Saturday, the network’s strongest stretch since February. This is related to tokenized equities on Solana hitting fresh records this week, xStocks chatter picking up around June 26th and SOL’s rebound above key levels that brought traders back into the ecosystem.
The bigger story is that Solana is becoming a go-to chain for real trading activity, not just speculation. Tokenized stocks, DeFi (decentralized finance) usage, stablecoins and retail-friendly apps are all giving users more reasons to interact on-chain. If this surge holds into next week, it strengthens the case that SOL’s recent bounce has real network activity supporting it.”
Solana is trading for $73.60 at time of writing, down 1% on the day.
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