Ethereum ($ETH), Solana ($SOL), and Sui ($SUI) power higher as Bitcoin ($BTC) breaks all-time high

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As an analyst with over two decades of experience in the financial markets, I’ve seen more than my fair share of market movements and trends. The recent surge in Bitcoin ($BTC) and altcoins like Ethereum ($ETH), Solana ($SOL), and Sui ($SUI) following Trump’s election victory is a sight to behold.

When Bitcoin ($BTC) reached a new record high, sparked by the predicted win of Trump, certain significant altcoins began to surpass expectations. Among the leading gainers are Ethereum ($ETH), Solana ($SOL), and Sui ($SUI).

Today, Bitcoin has climbed approximately 7%, reaching these heights mainly because of Donald Trump’s significant election win. This surge has ignited a flame under the alternative cryptocurrencies, particularly focusing on the leading layer-one networks such as Ethereum, Solana, and Sui.

$ETH about to turn the corner?

Today, the ETH/USD exchange rate has surged over 8%, a notable increase when compared to many leading cryptocurrencies with high market capitalization.

Is it possible now that Ethereum could finally surpass its past performance and significantly close the gap with Bitcoin? If this happens, the price of ETH must first overcome the downward trend it’s been experiencing not just in comparison to BTC, but also versus its USD counterpart as well.

From the daily chart presented, it’s clear that the $2,350 horizontal line has consistently offered support. After another test on Monday, a potential price increase on Wednesday could push the value towards the descending trendline. A break above this trendline might propel the price up to the significant resistance at $2,800, which aligns with the 0.382 Fibonacci level.

$SOL breaks through descending trendline

Over the past few days, the value of SOL (against USD) has been exceeding most other cryptocurrencies, a trend that persisted through Wednesday. Currently, SOL is experiencing a rise of over 12% in its value for the day.

Looking at today’s daily chart, I can’t help but notice the flawless alignment of the price hitting the 0.786 Fibonacci level at $188.60 yet again. With this latest test, we’ve managed to break through the descending trendline, leading me to speculate that the price might hold steady above this point for a potential change in direction.

For Solana (SOL), the upcoming significant price point lies around $202. If the Solana bulls manage to surpass this crucial horizontal barrier as resistance, the journey towards reclaiming its all-time high of $260 could begin.

$SUI about to break out of cup and handle pattern

Today’s $SUI price graph appears quite intriguing. Currently, $SUI has surged approximately 14%, which is not surprising considering it boasts the smallest market capitalization among the three layer cryptocurrencies discussed in this article.

On Wednesdays significant rise, SUI appears close to forming a well-structured cup and handle chart configuration. If the price manages to breach the neckline approximately at $2.35, the typical extension for this pattern suggests a potential target of around $4.16.

Prior to SUI potentially hitting that stage, it’s expected to attempt breaking the 1.618 Fibonacci level at approximately $3.25 first. Beyond this point, a more ambitious goal could be the 2.618 Fibonacci level, which is nearly $5. However, it’s important to note that it wouldn’t be unexpected if SUI were to attain and surpass this level by the conclusion of the current crypto market uptrend.

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2024-11-06 17:10