Analyst Sees Bull Flag That Will Set off Rally Above $150

Solana (SOL) might nicely be on track to continue its remarkable run from 2023, going by a latest evaluation by crypto analyst Ali Martinez. The analyst laid out a sure situation that would see SOL rise to as high as $150 quickly sufficient. 

How Solana May Rise To $150

Martinez famous in an X (previously Twitter) post 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 might rally in direction of the $150 to $165 value vary if there was a sustained shut above $106. Nevertheless, 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 value vary. pic.twitter.com/VmbA9L4QuL

— Ali (@ali_charts) January 11, 2024

In the meanwhile, SOL appears 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 profits from the flagship crypto token and altcoins like SOL which they could have been invested in. 

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

Regardless of this incidence, the general outlook on SOL appears bullish as there may be the chance that the crypto token might as soon as once more hit its all-time excessive of $260 this yr. This appears extra possible, contemplating that the subsequent bull run has been predicted to start this yr, presumably after the Bitcoin Halving.

Within the meantime, SOL’s traders may 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 beneath the psychological value stage of $100. 

ETH May Usher In The Altcoin Season

Crypto analyst Jaydee lately hinted that ETH might usher within the Altcoin season. That is identified to be when different crypto tokens start to outperform Bitcoin. Analyzing the Ethereum to Bitcoin value chart, the analyst famous that the “actual altcoin season” begins when the Relative Power Index (RSI) breaks above the 20 stage. 

#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 escape! (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 also be backed by latest sentiments within the crypto market. All consideration appears to be turning to Ethereum in anticipation of a possible approval of the Ethereum Spot ETFs. Market intelligence platform Santiment recently noted how merchants are significantly bullish about Ethereum. 

📊 Because the weekend has kicked off, sentiment towards high cap belongings stay at extraordinarily optimistic ranges with spotlights on them following the #ETF approvals. Merchants are significantly #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 might start to submit significant gains against Bitcoin within the coming weeks, setting the tone for different altcoins. ETH already confirmed large power submit the Spot Bitcoin ETF approval because it rallied to $2,700, the primary time it has attained this stage since Could 2022. 

Featured picture from iStock

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