$SOL Heading for a Huge Macro Breakout
After two recent filings for a spot Solana ETF, SOL is heading for the top of a triangle, having been trading sideways inside it since mid-March. A huge breakout is coming. Is this to the upside or the downside?
The omens are good for Solana right now.
First, large asset manager VanEck filed for a spot Solana ETF, and then ARK 21Shares did the same. Of course, it could be another year or more before the SEC approves this, but the fact that these institutions see this as a logical next step is incredibly bullish in itself.
The next year will also be filled with comparisons between Ethereum and Solana, given that both Ethereum and Solana’s Layer 1s are vying for the crown of most users, transactions, and overall utility. Ethereum has its own Layer 2 that helps scale the network, while Solana is able to do everything on the main chain.
Ethereum is looking to the future with a series of upgrades to become more competitive in terms of scalability, speed, and fees, while Solana is preparing to implement its Firedancer validator client, which could revolutionize transaction speeds.
A breakout is coming, and given that SOL is in an ↑trend, it is more likely to be an upward breakout. If this happens, the most important resistance level is 200. ↑ This level would allow SOL to stand on some beautiful ＋ grid structure and be able to hit the all-time high of 260.
