Solana hits new all-time high against Ethereum, but is $200 SOL price within reach?

Solana’s (SOL) price hit a new all-time high against Ether on Aug. 7, and traders are eyeing a potential breakout of $200, a level not seen since March. 

Solana hits new all-time high against ETH

SOL price has entered price discovery, hitting an all-time high o 0.06211 against Ether (ETH), according to data from Binance and TradingView.

The SOL/ETH trading pair has been forming higher highs on the daily chart since June 23, suggesting that more upside is possible.

Zooming out, the weekly chart could set Solana up for a breakout based on a cup-and-handle pattern, according to popular trader Duo Nine, who wrote in an Aug. 7 X post:

"If nothing changes for Ethereum, Solana will eat its cake. Breakout appears imminent."

Solana has also outperformed most other cryptocurrencies in recent days. SOL price gained over 15% against Bitcoin (BTC) since the Aug. 4-5 lows.

"SOL is a particularly sentiment driven cryptocurrency, and the #5 ranked market cap asset can continue to surge if the crowd shows disbelief," noted analytics resource Santiment on X. 

Can SOL price reach $200 next? 

According to a bullish pennant on the four-hour chart shared by crypto trader Satoshi Flipper in an Aug. 7 X post, Solana could break out above the $200 psychological mark next.

Others are also expecting a breakout to the upside based on other timeframes. The three-day chart, for example, is painting a bullish pennant pattern, argues popular crypto analyst ZAYK Charts, who wrote:

“SOL Moving inside the Bullish Pennant in 3D Timeframe. Expecting Breakout soon.”

However, Solana must turn $148 into support or risk a correction below $100 in the coming days or weeks, argues popular analyst Hov, who wrote in an Aug. 6 X post:

“SOL is at an important level though. If it can get a higher timeframe (HTF) close above $148 I think it'll carry to roughly $180…”

Solana price remains 41% away from its old all-time high of $260, reached three years ago in November 2021.

SOL price rose 9.4% during the past 24 hours to $152 but remains down over 16% on the weekly chart.