As Bitcoin flirts with the $100,000 threshold, a new phase of the bull market may be imminent. Among alternative cryptocurrencies, Solana is strategically poised to spearhead this forthcoming rally.
Analysis from TradingView suggests emerging optimism for Solana. The SOL/USDT weekly chart illustrates a bullish outlook, highlighting its attempt to surpass the key horizontal resistance at $212. Converting this resistance into support is crucial for sustained momentum.
The recent price action saw a long wick dipping to the 0.618 Fibonacci level, indicating a healthy support level and a potentially strong rebound point. Moreover, the Stochastic RSI signals strong upward momentum, with a pivotal cross of the fast blue line over the slow red line. The confirmation could materialize if both indicators close above the 20.00 mark by week's end.
In light of the dollar's waning strength against tangible assets, the SOL/BTC chart gains prominence. Solana has recently tested the critical horizontal support at 0.00186 BTC. A minor descending trendline awaits a breach, which could pave the way for potential breakthroughs of a major descending trendline originating in early September 2021. The Stochastic RSI remains favorable for SOL. Conversely, from a bearish viewpoint, should the primary bull market support falter, Bitcoin might reclaim its position as the preferable option.
Solana's competition with Ethereum for the second spot in cryptocurrency rankings is evident. The weekly SOL/ETH chart offers a transparent analysis. In September 2024, SOL broke past Ethereum, ascending and subsequently affirming a significant horizontal support.
Anticipation builds for a new high in the SOL/ETH pairing, reinforced by the Stochastic RSI which supports this outlook.