With Bitcoin‘s price fluctuating near the $100,000 mark, we might be on the verge of entering a new phase in the bull market. Among the alternative cryptocurrencies, it looks like Solana (SOL) could spearhead this upcoming surge higher.
$SOL battles to break resistance
As a crypto investor, I’m finding myself captivated by the SOL/USDT weekly chart that paints a bullish outlook for Solana ($SOL). At present, my focus is on overcoming the significant horizontal resistance at $202, and it’s clear to see why breaking through this barrier could be pivotal. If we manage to flip this level from resistance to support, it would undoubtedly strengthen our position in the market.
In simpler terms, the wick on this weekly candle, which has been burning for quite some time during the overall upward trend, has reached nearly as far down as the 0.618 Fibonacci level. This depth indicates a very strong uptrend, making it an excellent place for potential price reversals or bounces.
On the other hand, the Stochastic RSI at the bottom of the chart shows an even greater optimism. The intersection of the fast blue line with the slow red line suggests that a significant surge in price is imminent. This prediction will be validated if both lines remain above 20.00 by the end of this week.
$SOL retests strong support against $BTC pair
As a researcher examining the performance of various currencies, I find myself drawn to the significance of the SOL/BTC chart in today’s economic climate, where the dollar seems to be struggling against real assets. Notably, Solana (SOL) has recently probed an extremely crucial horizontal support level at approximately 0.00186 Bitcoins (BTC). This level is of utmost importance as it could potentially influence the future trajectory of SOL’s price against BTC.
It’s possible that a minor downward trend could soon be broken, paving the way for bulls to attempt pushing past a significant downward trend that began in early September 2021. Notably, the Stochastic RSI currently indicates a positive outlook for $SOL. Conversely, if the major support level for the bull market weakens and is confirmed as broken, $BTC may regain its lead once more.
$SOL bounces from major horizontal support against $ETH pair
Solana is challenging Ethereum for the second spot among cryptocurrencies, following closely behind Bitcoin. A look at the SOL/ETH weekly chart makes this competition evident. The value of SOL surpassed ETH in September 2024 and continued to rise since then, reaching a significantly robust horizontal support level which it has now successfully retested.
It seems that the next probable direction for SOL/ETH could be a new peak, which aligns with the theory suggested by the current position of the Stochastic RSI on the graph.
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2025-01-16 17:30