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Solana Technical Analysis and Upcoming Levels
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The SOL price was stuck within a descending parallel channel and faced multiple failed attempts at piercing above the resistance. However, the positive rounds across the markets have initiated a strong ascending trend, which is believed to elevate the levels beyond $200 in the next few days. This may increase the possibility of a new ATH above $270 before the end of the year, and the price holds the potential to begin a 30% thereafter. The weekly chart of Solana suggests the price is at the foothill of explosion as the token rises over a crucial range. Besides, the breakout has elevated the levels above the bull flag, which may trigger a strong upswing. One of the major bullish indicators is the bullish crossover of the Ichimoku’s conversion & base line. Previously, when such a crossover occurred, the SOL price surged by over 1000%, elevating the levels from the levels below $20 to as high as $200. Besides, the RSI is also following a parabolic recovery, which reflects strong bullish backing from the bulls. Solana flipped BinanceCoin in terms of market capitalisation to become the 4th largest cryptocurrency. While the Bitcoin price appears to be primed to mark $100K in the upcoming bull run, the SOL price is also believed to mark a 4-digit figure as the token is about to break a bullish pattern, which may ignite a 100% rally to reach $500 in the upcoming bull run. Meanwhile, the possibility of reaching a 4-digit figure also remains elevated, as the Solana price has just flashed fresh bullish signals after 12 long months. Therefore, Solana’s (SOL) price appears to be primed for a 50% upswing initially to reach $300, which may further push the prices higher depending on the market dynamics. $SOL
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ETH Price Reclaims $2.6k Level! Despite recording a drop of ~3% over the past week, the Ethereum price has jumped 7.96% in the past 24 hours with a trading volume of $36.13 billion. With this, it has reclaimed the $2.6k mark, indicating increased bullish sentiment in the market. The Relative Strength Index (RSI) has recorded a sharp rise in the 1D time frame. With a bullish crossover in its average trendline, this altcoin may continue gaining value this week. Furthermore, the MACD trend shows a constant decline in its red histogram with its averages hinting at a potential positive convergence in the Ethereum price chart. This highlights increased buying-over-selling pressure for it in the crypto space. Is Ethereum Expected To Go Up Or Down? If the bullish sentiment sustains, this could push the ETH coin price toward its important resistance level of $2,870. Maintaining the price above that level could set the stage for it to retest its upper resistance level of $3,272 in the coming time. However, in case of a bearish reversal, the altcoin leader could drop toward its support of $2.5k. Furthermore, if the bears dominate the crypto space, the Ethereum coin could plunge toward its low of $2,200. $ETH
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