Key Takeaways
What’s driving Ethereum and Solana?
Institutional appeal, stablecoin issuance, and social sentiment drove prices of ETH and SOL.
Will the momentum hold?
The ability of the two altcoins to sustain the current strength was dependent on their technical outlooks.
Both Ethereum [ETH] and Solana [SOL] have shown immense momentum since the start of October.
The two altcoins, sitting at top 5 cryptos by cap excluding stablecoins, gained more than 12% in the past week, as per CoinMarketCap data.
On-chain data backed by social sentiment have been key in this momentum, but can the two hit the predicted targets? That said, we will be examining the price targets for ETH and SOL cryptos.
Ethereum price eyes $7,900 target
From a numerical perspective, Ethereum was eyeing the $7,900 price target, just below the psychological level at $8,000.
The altcoin has been respecting the upward trendline since the bullish reversal. However, ETH must break through the $5,000 zone to reach the aforementioned goal.
The momentum indicator was above the neutral zone with a reading of 537. This value indicated strength in the price movement after retesting the support.
Source: TradingView
The rebound from the ascending trendline was accompanied by high DEX volume. This data from the DefiLlama tool at the time was about $2.85 billion.
Additionally, Van Eck highlighted that ETH was closing in on the treasury gap with BTC. This denoted the ongoing accumulation in ETH.
Solana’s path to $400
Similarly, Solana was gearing to make a new peak above $300. According to a video by Lark Davis on X (formerly Twitter), the $400 target was gaining much traction each day.
The post saw more than 232 likes when writing.
The momentum was strong, measuring 27.79 at the time of writing. This year’s peak value of this indicator was just below 80, suggesting the current setting was yet to replicate this.
Source: TradingView
According to Bitwise CIO Matt Hougan, Solana has also been poised to become enormous in the crypto space. Solana’s speed and finality made it appealing to institutions.
While Bitcoin (BTC) felt abstract to Wall Street, Solana’s role in stablecoins and tokenization offered something tangible and scalable that aligned with how institutions operate.
Speaking to the Chief Marketing Officer at Solana Foundation, Hougan said,
“Solana is the New Wall Street.”
In fact, the $1.2B in stablecoin inflow signaled accumulation.
What’s behind the buzz?
Other factors that were in play were the social sentiment on X and Reddit. The discussion around ETH/SOL overlap in the crypto conference meme by Naiive also saw more than 1,137 likes. This indicated growth in the two ecosystems.
NFTs on Solana were also making a comeback, attracting 299 likes. The top 8 NFTs built on Tensor were up by more than 15%, except for one that dropped by only 4%.
Source: Tensor/X
On Reddit, engagements on the Ethereum daily thread on supply and stablecoin cap hitting $100 billion were rising.
Altogether, they meant ETH and SOL could hit their $7,900 and $400 targets, respectively.
