Solana (SOL) could well be on course to continue its remarkable run from 2023, going by a recent analysis by . 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) 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.
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 toward the $150 – $165 price range.
— Ali (@ali_charts)
At the moment, SOL looks to be moving with the tide in the broader crypto market, which has been on a decline since the . 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 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:
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 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
recently 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.
/BTC – While “Dumb Money” bashes on , “Smart Money” is planning 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!…— JD 🇵🇭 (@jaydee_757)
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 how traders are particularly bullish about Ethereum.
📊 As the weekend has kicked off, sentiment toward top cap assets remain at extremely optimistic levels with spotlights on them following the approvals. Traders are particularly toward after its market value climbed above $2,700 for the first
(Cont) 👇
— Santiment (@santimentfeed)
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
