Solana (SOL) could well be on the way to continue its remarkable journey from 2023, according to a recent analysis of Ali Martinez, crypto analyst. The analyst set a certain condition that could see SOL reach up to $150 rather early.
How Solana Could Reach $150
Martinez noted in an X (formerly Twitter) job from which Solana escaped a bull flag which had been growing on the 4-hour chart he shared. According to him, the crypto token could bounce towards the $150-$165 price range if there is a sustained close above $106. However, this was not the case as SOL has since declined to price levels much lower than those.
#Solana is breaking out of a bull flag that has developed on the 4-hour chart. A sustained close above $106 can trigger a 47% rally that pushes $ SOL towards the $150 to $165 price range. pic.twitter.com/VmbA9L4QuL
– Ali (@ali_charts) January 11, 2024
For now, SOL appears to be moving with the tide in the broader crypto market, which has been in decline since the Spot Bitcoin ETF approval. This drop is believed to be due to the price of Bitcoin being priced in before the approval order arrived. As such, traders might look to take profits of the flagship crypto token and altcoins like SOL in which they may have been invested.
SOL market cap currently at $39.974 billion. Chart: TradingView.com
Despite this event, the general outlook on SOL looks optimistic as it is possible that the crypto token could reach its all-time high of $260 again this year. This seems more feasible, given that the next bull run has occurred. predicted start this year, perhaps after the Bitcoin halving.
In the meantime, SOL investors could see the current decline as an opportunity to acquire more tokens, especially since it is currently trading below the psychological $100 price level.
ETH could usher in Altcoin season
Jaydee, crypto analyst recently suggests that ETH could usher in the Altcoin season. It is known that this is when other crypto tokens start to outperform Bitcoin. Analyze 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.
1. SRSI LEVEL 20 BREAKS!
2. RSI Breaks Out! (confirmed!)
If the orange box is hit, I buy alts massively!
Retweet/like for updates!… pic.twitter.com/4gkDVUdHha
-JD 🇵🇭 (@jaydee_757) January 12, 2024
His theory that Ethereum ushers in altcoin season is also supported by recent sentiments in the crypto market. All the attention seems to be turn to Ethereum in anticipation of possible approval of Ethereum Spot ETFs. Santiment Market Intelligence Platform recently noted how traders are particularly bullish about Ethereum.
📊 As the weekend has kicked off, sentiment towards large-cap assets remains at extremely optimistic levels, with the spotlight on them following the #AND F approvals. Traders are particularly #bullish towards #Ethereum after its market value climbed above $2,700 for the first time
(continued) 👇 pic.twitter.com/JxitOuX6Ww
–Santiment (@santimentfeed) January 13, 2024
With this in mind, ETH could start releasing significant gains against Bitcoin in the coming weeks, setting the tone for other altcoins. ETH has already shown huge strength following the approval of the Spot Bitcoin ETF by reaching $2,700, the first time it has reached this level since May 2022.
Featured image from iStock
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