🚀 PTKT on 08/11/2024: Solana (SOL) is preparing to break out and could become the new "king" of altcoins
Since October 2023, the price of SOL has increased from 20 USD to 200 USD, achieving a return of 900%, demonstrating its outstanding potential compared to ETH in leading the altcoin market. When Bitcoin broke the ATH mark of 73,800 USD, SOL also began a strong upward wave.
• SOL/USDT: On the D1 timeframe, SOL has accumulated within the range of 120 - 180 USD and is currently breaking out of this phase to continue the upward trend. The price is above the 300-day EMA, reinforcing the solid upward trend.
• SOL/BTC: The SOL/BTC pair also shows positive signs as the price is about to break out of a triangle accumulation pattern that has lasted over half a year. This indicates SOL is performing better than BTC and is ready for a strong increase.
• SOL and ETH: From October 2023 to now, SOL has increased by 900% while ETH has only increased by 87%. The SOL/ETH pair has continuously risen and broken ATHs, indicating SOL is superior to ETH.
The altcoin market capitalization chart (TOTAL2) has confirmed a bullish structure, supporting the assertion that altcoins will continue their upward trend. SOL could lead in this cycle, especially as ETH's performance appears much weaker.
Despite the positive outlook, caution is needed as the USDT market share has decreased and reached support levels on the D1 timeframe, which could lead to short-term corrections. A reasonable accumulation price range for SOL is between 155 - 170 USD on the H4 timeframe, aligning with the upward trend structure.
@TinTucBitcoin #tintucbitcoin #Solana $SOL BTC300K
