Solana (SOL) manoeuvres into pole position ready for bull market surge

A huge surge could be about to push Bitcoin (BTC) and the altcoins much higher. Among the altcoins, Solana (SOL) is in pole position, and the first major altcoin to lead crypto into a new stage of the bull market.

$BTC needs to sustain $63,000

Bitcoin is suffering some volatility right now as it attempts to hold the newly acquired support at $63,000, and it could be touch and go as to whether the $BTC price can sustain this level. If the bears do manage to force the price down through, the next level of support would be at $62,000, with $61,000 as a last ditch line for this particular rally.

$SOL forming small flag?

Source: TradingView

Of course, when the Bitcoin price is suffering from volatility, the altcoins are going to be volatile in spades. Looking at the $SOL chart, it can be seen that the price broke through the downward trend line and retested it just a few days ago.

Surging higher after the last confirmation of the breakout, $SOL has come up against the 0.618 fibonacci level, which it has been rejected from several times so far. However, this could be a small flag that is forming, and if $SOL is able to hold the support at $156 down to $153, this could end with $SOL bursting higher eventually.

$SOL rejected at midrange point

Source: TradingView

Zooming out into the daily time frame, it can be seen that the $SOL price is inside a range. In a trend towards the top of the range, the price has stalled at the midpoint (dashed line). Once Bitcoin finishes this current correction, and is ready to move higher again, expect $SOL to be one of the first major cryptocurrencies out of the blocks.

SOL/ETH pair about to break higher

Source: TradingView

Against its $ETH pair, $SOL can be seen to be once again knocking at the door at the top of the range. A higher high has already been made, so it would seem to be just a matter of time before $SOL breaks the range and goes up into price discovery against its principal competitor.

$SOL also looking to break out against $BTC

Source: TradingView

As for the SOL/BTC pair, it can be observed that $SOL is holding above the midpoint of the range, and is working up towards the top. With Bitcoin dominance perhaps having reached a top for now, it might be expected that $SOL breaks the top of this range in the not too distant future. Watch this space.

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.

Credit: Source link