Solana (SOL) could well be on course to continue its remarkable run
from 2023, going by a recent analysis by crypto analyst Ali
Martinez. The analyst laid out a certain condition that could see
SOL rise to as high as $150 soon enough. How Solana Could
Rise To $150 Martinez noted in an X (formerly Twitter) post that
Solana was breaking out from a bull flag that had developed on the
4-hour chart that he shared. According to him, the crypto token
could rally towards the $150 to $165 price range if there was a
sustained close above $106. However, that hasn’t been the case as
SOL has declined to price levels far from that since then.
Related Reading: Bitcoin Retreats: ETF Dream Fades, Price Tumbles
Under $42,000 #Solana is breaking out from a bull flag that
developed on the 4-hour chart. A sustained close above $106 can
trigger a 47% rally that pushes $SOL toward the $150 – $165 price
range. pic.twitter.com/VmbA9L4QuL — Ali (@ali_charts) January 11,
2024 At the moment, SOL looks to be moving with the tide in the
broader crypto market, which has been on a decline since the
approval of the Spot Bitcoin ETFs. This decline is believed to be a
result of Bitcoin being priced in before the approval order came
in. As such, traders may be looking to take profits from the
flagship crypto token and altcoins like SOL which they may have
been invested in. SOL market cap currently at $39.974
billion. Chart: TradingView.com Despite this occurrence, the
general outlook on SOL looks bullish as there is the possibility
that the crypto token could once again hit its all-time high of
$260 this year. This looks more feasible, considering that the next
bull run has been predicted to begin this year, possibly after the
Bitcoin Halving. In the meantime, SOL’s investors might see the
current dip as an opportunity to load up on more of the tokens,
especially considering that it is currently trading below the
psychological price level of $100. ETH Could Usher In The
Altcoin Season Crypto analyst Jaydee recently hinted that ETH could
usher in the Altcoin season. This is known to be when other crypto
tokens begin to outperform Bitcoin. Analyzing the Ethereum to
Bitcoin price chart, the analyst noted that the “real altcoin
season” begins when the Relative Strength Index (RSI) breaks above
the 20 level. #ETH/BTC – While “Dumb Money” bashes on
#Ethereum, “Smart Money” is planning $ETH SEASON right before the
REAL ALTSEASON starts! ALTSEASON: 1. SRSI 20 LEVEL BREAKS! 2. RSI
break out! (confirmed!) If orange box get hit, I’m BUYING HEAVILY
into alts! Retweet/Like for updates!… pic.twitter.com/4gkDVUdHha —
JD 🇵🇭 (@jaydee_757) January 12, 2024 His theory about Ethereum
ushering in the altcoin season is also backed by recent sentiments
in the crypto market. All attention looks to be turning to Ethereum
in anticipation of a potential approval of the Ethereum Spot ETFs.
Market intelligence platform Santiment recently noted how traders
are particularly bullish about Ethereum. Related Reading:
Lido (LDO) Action Heats Up: Nearly 90% Of Holders See Profits On
Crypto Climb 📊 As the weekend has kicked off, sentiment toward top
cap assets remain at extremely optimistic levels with spotlights on
them following the #ETF approvals. Traders are particularly
#bullish toward #Ethereum after its market value climbed above
$2,700 for the first (Cont) 👇 pic.twitter.com/JxitOuX6Ww —
Santiment (@santimentfeed) January 13, 2024 With this in mind, ETH
could begin to post significant gains against Bitcoin in the coming
weeks, setting the tone for other altcoins. ETH already showed huge
strength post the Spot Bitcoin ETF approval as it rallied to
$2,700, the first time it has attained this level since May
2022. Featured image from iStock
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