Crypto analyst Ali Martinez has recently suggested that Solana (SOL) could continue its impressive run from 2023. According to Martinez, SOL could potentially rise to as high as $150 if certain conditions are met. He noted in a post that Solana was breaking out from a bull flag that had developed on the 4-hour chart. If there was a sustained close above $106, the crypto token could rally towards the $150 to $165 price range. However, SOL has since declined to price levels far from that.
Currently, SOL seems to be moving with the broader crypto market, which has been on a decline since the approval of the Spot Bitcoin ETFs. This decline is believed to be a result of Bitcoin being priced in before the approval order came in. Traders may be looking to take profits from the flagship crypto token and altcoins like SOL. Despite this, the general outlook on SOL remains bullish with the possibility that the crypto token could once again hit its all-time high of $260 this year. This is more feasible considering that the next bull run has been predicted to begin this year, possibly after the Bitcoin Halving.
Investors might see the current dip as an opportunity to acquire more of the tokens, especially as it is currently trading below the psychological price level of $100. Crypto analyst Jaydee recently suggested that Ethereum (ETH) could usher in the Altcoin season, a period when other crypto tokens begin to outperform Bitcoin. Analyzing the Ethereum to Bitcoin price chart, Jaydee noted that the “real altcoin season” begins when the Relative Strength Index (RSI) breaks above the 20 level.
His theory about Ethereum ushering in the altcoin season is also backed by recent sentiments in the crypto market. All attention seems to be turning to Ethereum in anticipation of a potential approval of the Ethereum Spot ETFs. Market intelligence platform Santiment recently noted how traders are particularly bullish about Ethereum. With this in mind, ETH could begin to post significant gains against Bitcoin in the coming weeks, setting the tone for other altcoins. ETH already showed huge strength post the Spot Bitcoin ETF approval as it rallied to $2,700, the first time it has attained this level since May 2022.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided entirely at your own risk.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Ali Martinez, Jaydee |
| Companies | Santiment, NewsBTC, TradingView.com |
| Currencies | Bitcoin, Solana, Ethereum |
| Securities | None |
