As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The current situation seems to be setting the stage for another significant surge, with Bitcoin (BTC) attempting to hold its ground at $63,000. If successful, this could potentially catapult us into a new phase of the bull market.
As a researcher observing the cryptocurrency market, I’m excited about a potential significant upward push that could be on the horizon for Bitcoin (BTC) and other altcoins. Among these altcoins, Solana (SOL) seems to be in the lead, poised to spearhead crypto into a fresh phase of the bull market.
$BTC needs to sustain $63,000
Currently, Bitcoin is experiencing some fluctuations as it tries to maintain the recently established support at around $63,000. It remains uncertain if the price will be able to hold at this level, and a potential drop could occur, with the next significant support expected at approximately $62,000. If the downward trend continues, $61,000 might serve as the final line of defense for this particular Bitcoin rally.
$SOL forming small flag?
Absolutely, when Bitcoin’s value experiences high fluctuations, you can expect altcoins to follow suit with even greater volatility. For instance, if we examine the Solana (SOL) chart, you’ll notice that its price recently breached the downward trend line and then re-tested it just a few days ago.
After successfully breaking out, the price of SOL has encountered the 0.618 Fibonacci level, which it has previously been unable to surmount. Nevertheless, this potential resistance might signal a small ascending triangle forming. If SOL manages to maintain its support between $156 and $153, it could potentially lead to a further upward surge for SOL in the future.
$SOL rejected at midrange point
Looking at the daily time scale, it’s noticeable that the Solana price is confined within a specific range. The price has halted near the middle of this range (indicated by the dashed line), suggesting an upward trend towards the top. Once Bitcoin completes its current correction and prepares to rise again, Solana is likely to be among the first significant cryptocurrencies to surge.
SOL/ETH pair about to break higher
Regarding its ETH pair, Solana (SOL) is again attempting to break through at the upper limit. Already, a new high has been established, suggesting that it’s merely a matter of time before SOL surpasses this range and continues its journey into price exploration versus its main rival.
$SOL also looking to break out against $BTC
Regarding the SOL/BTC pair, it’s clear that Solana ($SOL) is currently positioned above the midpoint of its price range, moving steadily towards the upper limit. Given that Bitcoin’s dominance may have peaked for now, there’s a possibility that $SOL could soon break through this range’s top. Keep an eye on further developments.
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2024-08-26 18:33