On-Chain Metrics Hint At Ethereum Rally To New All-Time High, While Solana Enters Pivotal Point

As the crypto market continues to consolidate after its last bullish stretch, investors are closely watching two of the leading altcoins, Ethereum and Solana. The rapidly declining Ethereum exchange reserve and ongoing purchases from whales suggest that an Ethereum price rally could be around the corner.

Analysts like Crypto Gems and LordOfAlts have predicted that the Ethereum price could rally to new highs soon. Meanwhile, Solana is at a crossroads, making four unsuccessful attempts to overcome the resistance at $210 within the last one week. This is the level that analysts are tracking to see the direction the SOL price may take.

Ethereum (ETH) Exchange Reserve Drops As Analysts Predict New ATH

Although the Ethereum price has been correcting since hitting its recent all-time high, on-chain metrics show that it has continued to attract strong market interest. According to CryptoQuant data shared by Ali_Charts, over 500,000 $ETH tokens worth $2.10+ billion have been withdrawn from crypto exchanges in the past week.

As a result of investors moving their $ETH tokens off exchanges into cold wallets, the amount of $ETH held on exchanges has now dropped to 17.45 million ETH. In addition, whales have been purchasing $ETH, with Ted Pillows reporting that an unknown entity has acquired $ETH worth over $185 million in the last five days.

These bullish trends point to a potential resumption of the uptrend for Ethereum in the next few days. Crypto GEMs, a popular crypto analyst on X, has shared an Ethereum price chart that suggests that a rally to $8,000 could happen soon.

According to the analyst, the Ethereum price has broken above a resistance trendline and successfully retested it. LordOfAlts has set an even higher target, saying that $10,000 could happen “sooner than you think.” The analyst highlights the increasing purchases from institutions as a trend that could fuel the rally.

Solana (SOL) At a Critical Point, As Alpenglow Upgrade Drives Optimism

Solana has been trading inside a rising channel which it formed in April, forming consecutive higher highs and higher lows. However, over the last week, the Solana price has tried to break past the resistance level at $210 four time, and failed every time.

The Solana price is currently at this level, fueled by momentum from the Alpenglow upgrade. The upcoming Solana upgrade has caught the attention of the community as it would make the network faster by up to 100x and add more reliability.

With the multiple attempts, the pseudonymous analyst, gnarleyquinn, explained that the resistance level is cracking, and the Solana price could move higher soon. According to the analyst, when SOL crosses this level, the next target will be at $210.

Another analyst, CryptoLycus, has a more bullish prediction, explaining that the Solana price has been perfectly following the Cup and Handle pattern on the weekly timeframe. According to the analyst, as long as the Solana price holds above the $200 support or quickly recovers whenever it dips below, it is on track to rally above $300.

Conclusion

Robust on-chain metrics and ecosystem developments suggest Ethereum is positioned for an impressive rally that could push it to new all-time highs in 2025. Meanwhile, the upcoming upgrade could fuel Solana’s rally, as long as its price remains above the $200 support level.