Solana (SOL) could well be on track to continue its remarkable streak into 2023, according to recent analysis by crypto analyst Ali Martínez. The analyst set a certain condition that could see SOL rise to $150 very soon.
Solana is showing signs of forming a bullish flag on its hourly chart, and a “decisive close above the $110 resistance level could be the catalyst for a significant bullish move,” as noted by cryptocurrency trading expert Ali Martínez in a X post published on January 9.
Furthermore, according to Martínez’s analysis, Solana could also be “heading towards an ambitious target of $163” towards the end of the month, provided the fifth-largest crypto asset by market capitalization manages to maintain the displayed chart pattern, as the chart suggests. of the analyst.
How Solana Could Rise to $150
Martinez noted in an X post that Solana was breaking out of a bullish flag that had developed on the 4-hour chart he shared. According to him, the crypto token could rise towards the $150 to $165 price range if there was a sustained close above $106.
However, that has not been the case as SOL has dropped to very distant price levels. since then.
At the moment, SOL appears to be moving with the tide in the broader crypto market, which has been in decline since the approval of the Bitcoin Spot ETFs.
Said decline is believed to be a result of Bitcoin’s price rising in value before the approval order arrived. As such, traders may be looking to make profits from the flagship crypto token and altcoins like SOL that they may have invested in.
Despite this, the overall outlook for SOL appears bullish as there is a chance that the crypto token will hit its all-time high of $260 again this year. This seems more feasible, considering that the next bull run is expected to begin this year, possibly after the Bitcoin halving.
Meanwhile, SOL investors could see the current drop as an opportunity to load up on more tokens, especially considering that it is currently trading below the psychological price level of $100.
ETH Could Usher in Altcoin Season
Crypto analyst Jaydee recently hinted that ETH could usher in Altcoin season. This is known to be when other crypto tokens start 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) surpasses the 20 level.
On January 12, Jaydee posted the following on X:
“While “Dumb Money” bashes on Ethereum, “Smart Money” is planning ETH SEASON right before the REAL ALTSEASON starts!
ALTSEASON:
1. SRSI 20 LEVEL BREAKS!
2. RSI break out! (confirmed!)”
His theory about Ethereum ushering in altcoin season is also supported by recent sentiments in the cryptocurrency market. All attention seems to be focused on Ethereum in anticipation of a possible approval of Ethereum spot ETFs. Market intelligence platform Santiment recently noted how traders are particularly bullish on Ethereum.
Santiment’s post on X dated January 13 reads as follows:
“As the weekend has kicked off, sentiment toward top cap assets remain at extremely optimistic levels with spotlights on them following the ETF approvals. Traders are particularly #bullish toward Ethereum after its market value climbed above $2,700 for the first time since May 2022.”
With this in mind, ETH could begin to post significant gains against Bitcoin in the coming weeks, setting the tone for other altcoins.
By Audy Castaneda
