Solana rallies 20% against Ethereum, but is $300 SOL price within reach?

Solana's SOL price has surged over 20% against Ether in the past week, prompting predictions of a potential breakout to $300. The SOL/ETH ratio reached its highest weekly close ever, indicating strong Solana performance relative to Ethereum. This uptrend follows a bullish week for Solana, outperforming Ethereum's price increase. A trader cited similarities between SOL's current CME futures chart and Ethereum's before its 2021 surge, suggesting a potential similar breakout for SOL. However, on-chain metrics show a significant decrease in network fees and trading volume on Solana's decentralized exchanges. This reduced activity poses a challenge to SOL reaching new all-time highs. Despite the price increase, SOL remains significantly below its previous all-time high. The analysis highlights both bullish price action and concerning on-chain data. Ultimately, a substantial increase in network activity is crucial for SOL to achieve its projected price target. This information is for informational purposes only and not financial advice.