Analyst Sees Bull Flag That Will Trigger Rally Above $150

How Solana May Rise To $150

Martinez famous in an X (previously Twitter) publish that Solana was breaking out from a bull flag that had developed on the 4-hour chart that he shared. In keeping with him, the crypto token may rally in the direction of the $150 to $165 worth vary if there was a sustained shut above $106. Nonetheless, that hasn’t been the case as SOL has declined to cost ranges removed from that since then. 

#Solana is breaking out from a bull flag that developed on the 4-hour chart. A sustained shut above $106 can set off a 47% rally that pushes $SOL towards the $150 – $165 worth vary. pic.twitter.com/VmbA9L4QuL

— Ali (@ali_charts) January 11, 2024

In the meanwhile, SOL seems to be transferring with the tide within the broader crypto market, which has been on a decline because the approval of the Spot Bitcoin ETFs. This decline is believed to be a results of Bitcoin being priced in earlier than the approval order got here in. As such, merchants could also be seeking to take income from the flagship crypto token and altcoins like SOL which they might have been invested in. 

SOL market cap at present at $39.974 billion. Chart: TradingView.com

Regardless of this prevalence, the common outlook on SOL seems bullish as there’s the chance that the crypto token may as soon as once more hit its all-time excessive of $260 this 12 months. This seems extra possible, contemplating that the following bull run has been predicted to start this 12 months, presumably after the Bitcoin Halving.

Within the meantime, SOL’s traders would possibly see the present dip as a possibility to load up on extra of the tokens, particularly contemplating that it’s at present buying and selling under the psychological worth degree of $100. 

ETH May Usher In The Altcoin Season

Crypto analyst Jaydee not too long ago hinted that ETH may usher within the Altcoin season. That is recognized to be when different crypto tokens start to outperform Bitcoin. Analyzing the Ethereum to Bitcoin worth chart, the analyst famous that the “actual altcoin season” begins when the Relative Power Index (RSI) breaks above the 20 degree. 

#ETH/BTC – Whereas “Dumb Cash” bashes on #Ethereum, “Sensible Cash” is planning $ETH SEASON proper earlier than the REAL ALTSEASON begins!

ALTSEASON:
1. SRSI 20 LEVEL BREAKS!
2. RSI get away! (confirmed!)

If orange field get hit, I’m BUYING HEAVILY into alts!
Retweet/Like for updates!… pic.twitter.com/4gkDVUdHha

— JD 🇵🇭 (@jaydee_757) January 12, 2024

His concept about Ethereum ushering within the altcoin season can be backed by current sentiments within the crypto market. All consideration seems to be turning to Ethereum in anticipation of a possible approval of the Ethereum Spot ETFs. Market intelligence platform Santiment not too long ago famous how merchants are notably bullish about Ethereum. 

📊 Because the weekend has kicked off, sentiment towards prime cap property stay at extraordinarily optimistic ranges with spotlights on them following the #ETF approvals. Merchants are notably #bullish towards #Ethereum after its market worth climbed above $2,700 for the primary

(Cont) 👇 pic.twitter.com/JxitOuX6Ww

— Santiment (@santimentfeed) January 13, 2024

With this in thoughts, ETH may start to publish important good points towards Bitcoin within the coming weeks, setting the tone for different altcoins. ETH already confirmed enormous energy publish the Spot Bitcoin ETF approval because it rallied to $2,700, the primary time it has attained this degree since Could 2022. 

Featured picture from iStock

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