Glassnode founders Jan Happel and Yann Allemann highlighted the role of inflation data in Bitcoin’s surge past the $100,000 level, while also stating that Solana (SOL) is on the verge of a major rally.
Two founders of a leading blockchain data firm have begun examining the factors that led to Bitcoin’s (BTC) recent surge past the $100,000 mark. Glassnode founders Jan Happel and Yann Allemann have stated that inflation data was the biggest driver of Bitcoin’s rally this week.
Happel said, “With inflation data coming in line with expectations, Bitcoin has risen above the $100,000 level again!” Happel also made statements about Bitcoin’s future targets, emphasizing that the $102,000 level should be kept as support.
He said that if this level is lost, a new support test could be made between $97,200-$98,500. He also said that if daily closes are above $102,000, $104,000 and eventually $108,000 levels will be targeted.
Bitcoin is currently trading at $101,604 at the time of writing, up 7% in the past two weeks.
Expectations are high for Solana
A similarly optimistic view was expressed for Solana (SOL), one of Ethereum’s biggest rivals. Happel and Allemann noted that SOL is on the verge of a major rally. “SOL has reached the marked area and bounced back towards $230.
“If it breaks the $235 level on the daily time frame, the price is expected to break the congestion and head towards the previous peak at $264,” he explained.
In addition, Glassnode founders noted that SOL’s RSI (relative strength index) indicator is neutral and far from the overbought zone, emphasizing that this is a positive sign for the rise. They added that if the SOL price rises, attention should be paid to ecosystem tokens JUP and WIF.