Solana (SOL) Positioned to Drive the Next Crypto Surge
With Bitcoin's price flirting with the $100,000 mark, we might be on the brink of the bull market's next phase. Solana (SOL), among altcoins, seems ready to spearhead this upcoming rally.
$SOL Struggles to Surpass Resistance
Source: TradingView
The weekly chart for SOL/USDT highlights a bullish outlook for $SOL. Currently, it is challenging a significant horizontal resistance at $202. Turning this level into support is crucial for further upward movement.
The candle's long wick dipped to the 0.618 Fibonacci level of this entire upward trend, indicating a robust point for a rebound.
Furthermore, the Stochastic RSI at the chart's bottom appears even more optimistic. A crossover of the fast blue line above the slow red line suggests strong upward price momentum is near. This will be confirmed if both lines exceed the 20.00 level by the week's close.
$SOL Revisits Key Support on the $BTC Pair
Source: TradingView
Considering the dollar's poor performance against tangible assets, the SOL/BTC chart arguably holds more significance. Recently, $SOL tested the critical horizontal support at 0.00186 BTC.
A minor descending trendline might soon be broken, and bulls will aim to overcome the major descending trendline that began in September 2021. Again, the Stochastic RSI is in $SOL's favor. From a bearish standpoint, if the primary bull market support breaks and confirms downward, $BTC could regain its lead.
$SOL Rebounds from Strong Horizontal Support on $ETH Pair
Source: TradingView
Solana is also eyeing Ethereum's spot as the second-largest cryptocurrency after Bitcoin. The weekly SOL/ETH chart makes this ambition clear. In September 2024, $SOL broke out against $ETH, climbed higher, and has now revalidated a substantial horizontal support level.
The next anticipated move is a fresh high for SOL/ETH. The Stochastic RSI at the chart's bottom seems to support this outlook.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Investment Disclaimer
