HomeBitcoinAnalyst Spots Bull Flag That Will Initiate Rally Above $150

Analyst Spots Bull Flag That Will Initiate Rally Above $150


Solana (SOL) could well be on course to continue its remarkable run from 2023, going by a recent analysis by crypto analyst Ali Martinez. The analyst laid out a certain condition that could see SOL rise to as high as $150 soon enough. 

How Solana Could Rise To $150

Martinez noted in an X (formerly Twitter) post that Solana was breaking out from a bull flag that had developed on the 4-hour chart that he shared. According to him, the crypto token could rally towards the $150 to $165 price range if there was a sustained close above $106. However, that hasn’t been the case as SOL has declined to price levels far from that since then. 

At the moment, SOL looks to be moving with the tide in the broader crypto market, which has been on a decline since the approval of the Spot Bitcoin ETFs. This decline is believed to be a result of Bitcoin being priced in before the approval order came in. As such, traders may be looking to take profits from the flagship crypto token and altcoins like SOL which they may have been invested in. 

SOL market cap currently at $39.974 billion. Chart: TradingView.com

Despite this occurrence, the general outlook on SOL looks bullish as there is the possibility that the crypto token could once again hit its all-time high of $260 this year. This looks more feasible, considering that the next bull run has been predicted to begin this year, possibly after the Bitcoin Halving.

In the meantime, SOL’s investors might see the current dip as an opportunity to load up on more of the tokens, especially considering that it is currently trading below the psychological price level of $100. 

ETH Could Usher In The Altcoin Season

Crypto analyst Jaydee recently hinted that ETH could usher in the Altcoin season. This is known to be when other crypto tokens begin to outperform Bitcoin. Analyzing the Ethereum to Bitcoin price chart, the analyst noted that the “real altcoin season” begins when the Relative Strength Index (RSI) breaks above the 20 level. 

His theory about Ethereum ushering in the altcoin season is also backed by recent sentiments in the crypto market. All attention looks to be turning to Ethereum in anticipation of a potential approval of the Ethereum Spot ETFs. Market intelligence platform Santiment recently noted how traders are particularly bullish about Ethereum. 

With this in mind, ETH could begin to post significant gains against Bitcoin in the coming weeks, setting the tone for other altcoins. ETH already showed huge strength post the Spot Bitcoin ETF approval as it rallied to $2,700, the first time it has attained this level since May 2022. 

Featured image from iStock

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.


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