Solana (SOL) could well be on track continues its remarkable run from 2023, based on a recent analysis of crypto analyst Ali Martinez. The analyst outlined a certain condition that could cause SOL to rise as high as $150 soon enough.
How Solana Could Soar to $150
Martinez noted in an X (formerly Twitter) after from which Solana escaped a bull flag which had developed on the 4-hour chart he shared. According to him, the crypto token could rise to the price range of $150 to $165 if there were a sustained close above $106. However, that hasn’t been the case as SOL has since fallen to a price level that is far from that.
#Solana breaks out of the bull flag that developed on the 4-hour chart. A sustained close above $106 could trigger a 47% rally that pushes $SOL towards the $150 – $165 price range. pic.twitter.com/VmbA9L4QuL
— Ali (@ali_charts) January 11, 2024
Right now, SOL appears to be moving with the tide in the broader crypto market, which has been declining since the crisis approval of the Spot Bitcoin ETFs. This drop is believed to be due to the fact that Bitcoin was already priced in before the approval order came in. As such, traders may be looking for take profit of the flagship crypto token and altcoins like SOL that they may have invested in.
SOL market cap currently at $39.974 billion. Chart: TradingView.com
Despite this incident, the general outlook on SOL looks bullish as there is a possibility that the crypto token could hit its all-time high of $260 again this year. This seems more feasible given that the next bull run has occurred predicted will begin this year, possibly after the Bitcoin halving.
In the meantime, SOL’s investors might see the current dip as an opportunity to load up on more tokens, especially considering that the price is currently below the psychological price level of $100.
ETH could usher in the Altcoin season
Crypto analyst Jaydee recently hinted that ETH could usher in the Altcoin season. This is known to be the time when other crypto tokens start to outperform Bitcoin. Analyzing the Ethereum According to the Bitcoin price chart, the analyst noted that the “real altcoin season” begins when the Relative Strength Index (RSI) rises above the 20 level.
#ETH/BTC – While “Dumb Money” continues #Ethereum“Smart Money” plans $ETH SEASON right before the REAL SEASON starts!
ALTSEASON:
1. SRSI 20 LEVEL BREAKS!
2. RSI outbreak! (confirmed!)If the orange box gets hit, I’m BUYING HEAVY into alts!
Retweet/Like for updates!… pic.twitter.com/4gkDVUdHha— JD 🇵🇭 (@jaydee_757) January 12, 2024
His theory that Ethereum is ushering in altcoin season is also supported by recent sentiments in the crypto market. All the attention seems to be there turning to Ethereum pending a possible approval of the Ethereum Spot ETFs. Market information platform Santiment recently noted how traders are particularly optimistic about Ethereum.
📊 As the weekend gets underway, sentiment towards top cap assets remains at extremely bullish levels, with the spotlight on them following the #ETF Approvals. These are mainly traders #bullish direction #Ethereum after its market value rose above $2,700 for the first time
(Continued) 👇 pic.twitter.com/JxitOuX6Ww
— Santiment (@santimentfeed) January 13, 2024
With this in mind, ETH could start posting significant gains versus Bitcoin in the coming weeks, which will set the tone for other altcoins. ETH already showed tremendous strength following the adoption of the Spot Bitcoin ETF as it rose to $2,700, the first time it has reached this level since May 2022.
Featured image from iStock
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