Ethereum ($ETH) and Solana ($SOL) wait in the wings as Bitcoin ($BTC) powers higher

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I can confidently say that the current momentum of Ethereum ($ETH) and Solana ($SOL) is nothing short of exhilarating. While Bitcoin remains the undisputed king, these two altcoins are poised to make some serious strides as soon as the big daddy takes a breather.

The top two digital currencies, excluding Bitcoin, that you might want to keep an eye on are Ethereum (ETH) and Solana (SOL). These alternative coins appear poised for significant growth. However, it’s important to remember that Bitcoin continues to hold the spotlight. Once Bitcoin takes a break in its ongoing surge, expect Ethereum and Solana to make up ground swiftly.

$ETH breaks out of 2-year triangle

The price of ETH (ETH/USD) has made significant strides in countering its prolonged period of limited activity compared to BTC‘s impressive achievements. A potent breakthrough from a triangle formation that has been building since late 2021 could be a strong boost for ETH investors. However, it’s still early this week and the breakout needs confirmation, but so far, things are looking promising.

Moving forward, the aim for the bulls is to surpass a new peak in pricing, and we’re almost there. However, the current price level presents considerable resistance. Should it manage to stay above $4,860, that would represent an all-time high.

Have $ETH bulls finally arrested the slide against $BTC?

Examining the Ethereum ($ETH) price relative to Bitcoin (ETH/BTC), it’s clear that Ethereum has room for significant growth. The bullish momentum seems to have paused at the 0.036 BTC horizontal support level, but a break above the downward trending channel is necessary for further upward movement.

$SOL breaking out of bull flag

right now, the value of SOL (SOL/USD) is surging beyond the confines of a bullish pennant as depicted in the daily chart. For this to be considered a genuine breakout, the price must stay above the upper boundary of the pennant until market close on Thursday. If successful, the potential target for SOL could reach around $330 based on the typical projection for such patterns.

$SOL about to resume uptrend against $BTC

Compared to the Ethereum-Bitcoin pair (ETH/BTC), the potential for growth in the Solana-Bitcoin pair (SOL/BTC) seems significantly higher. Even amid a challenging bear market that saw Solana’s value against Bitcoin plummet by approximately 90%, this current bull market has seen Solana making impressive gains against Bitcoin.

At the moment, the price is moving horizontally within a triangle-like pattern known as a “wedge.” Since it initially entered this pattern from below and the overall trend is upward, there’s a possibility that the price of $SOL could surge against $BTC at some point, breaking out of this wedge. At present, we’re near the bottom of the wedge. A potential rebound here could push the price back up towards the top of the wedge and potentially trigger that breakout.

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2024-12-05 17:07