Cryptocurrency Bull Market Trend Analysis
Bitcoin and Altcoin Rally
The spark for a cryptocurrency bull market is often sown before Bitcoin price breaks out of its previous all-time high (ATH). Along with this, popular altcoins have also become active, especially in the context of newly launched tokens, artificial intelligence (AI), DeFi and memecoins.
Solana (SOL) Price Analysis
Solana (SOL) has suffered from cyberattacks and FTX exchange incidents that eroded trader confidence. However, SOL showed strong signs of recovery, successfully initiating a parabolic uptrend and breaking above the neckline of the curve. Three consecutive bullish weekly candles pushed the price above the neckline, signaling an impending bullish move. The RSI indicator remains in bullish territory and volume is also showing signs of support. Therefore, one can expect SOL price to reach $175 in the coming weeks and enter the key resistance zone just below $200. If the bulls maintain some strength, Solana price could break above $300 before the end of the year.
Cardano (ADA) Price Analysis
Cardano (ADA) is showing signs of a rebound from late 2023, paving the way for a breakout above bearish levels. Although ADA has often faced strong bearish pressure, recent price action has shown positive signs that it may soon surpass the interim milestone of $1. ADA price has risen to the key resistance level at $0.7 above the 200-day EMA, which has turned into strong support. Although volume remains relatively low, bulls have the upper hand. Meanwhile, the RSI indicator has recovered strongly and re-entered bullish territory, indicating that the uptrend will continue and may break through the key $1.2 level before the second quarter of 2024.
