According to the findings of a new research conducted by a crypto expert, Solana (SOL) may very well be on track to continue its incredible run beginning in the year 2023. Within a short period of time, the analyst outlined a certain situation that may cause SOL to reach a price of as much as $150.
The Ways in Which Solana Could Reach $150
A bull flag had established on the 4-hour chart that the analyst supplied, and the analyst said in a post on X (which was once known as Twitter) that Solana was breaking out of the bull flag. If the cryptocurrency token were to maintain a close that was higher than $106, he believes that it might potentially rise into the price range of $150 to $165. Nevertheless, this has not been the case, since the price of SOL has dropped to levels that are far lower than that since then.
Following the formation of a bull flag on the 4-hour chart, Solana is now breaking out of the pattern. It is possible for a persistent closing over $106 to set off a 47% rally, which would drive the price of $SOL closer to the region of $150 to $165.
As of right now, it seems like SOL is following the trend in the larger cryptocurrency market, which has been experiencing a downward trend ever since the permission of the Spot Bitcoin ETFs have been granted. It is thought that Bitcoin was priced in prior to the permission order being issued, which led to this fall in price. As a result, traders could be hoping to make a profit from the main cryptocurrency token as well as other cryptocurrencies like as SOL, in which they might have previously invested.
The current market capitalization of SOL is $39.974 billion. TradingView.com is the chart.
Although this event has taken place, the overall view for SOL seems to be optimistic. This is because there is a potential that the cryptocurrency token might once again reach its all-time high of $260 throughout the course of this year. When taking into consideration the fact that the next bull run is anticipated to start this year, maybe after the Bitcoin Halving, this seems to be a more plausible scenario.
Due to the fact that it is presently trading below the psychological price level of $100, investors in SOL may see the current slump as a chance to load up on additional tokens. This is particularly true when taking into consideration the fact that it is currently selling less than $100.
ETH Might Be the Coin That Starts the Altcoin Season
Jaydee, a crypto expert, recently dropped a hint that Ethereum would be the currency that kicks off the altcoin season. At this point, it is common knowledge that other cryptocurrency tokens start to outperform Bitcoin. When the Relative Strength Index (RSI) breaks over the 20 mark, the analyst noticed that the "real altcoin season" has begun. This was discovered when the analyst was analyzing the price chart of Ethereum in comparison to Bitcoin.
His hypothesis that Ethereum would usher in the altcoin season is supported by recent feelings in the cryptocurrency market as well. In anticipation of the possibility that Ethereum Spot ETFs would be approved, it seems that all focus is increasingly being directed on Ethereum. Traders are especially positive on Ethereum, according to a new observation made by the market intelligence platform Santiment.
Following the approval of the ETFs, the feeling towards top-cap assets continues to be exceedingly hopeful, as the weekend has begun. This is due to the fact that the spotlights have been placed on these assets. The market value of Ethereum has surpassed $2,700 for the first time, which has caused traders to be very enthusiastic on the cryptocurrency.
Keeping this in mind, it is possible that Ethereum could start to show major gains versus Bitcoin in the next weeks, which will set the stage for other alternative cryptocurrencies. In the aftermath of the adoption of the Spot Bitcoin ETF, Ethereum (ETH) has already shown tremendous power by soaring above $2,700. This is the first time that it has reached this level since May 2022.
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