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As the Bitcoin price continues to play with the $100,000 level, the next stage of the bull market could soon be upon us. Among the altcoins, Solana (SOL) is poised to lead this next rally higher.
$SOL battles to break resistance
Source: TradingView
The SOL/USDT weekly chart shows just how bullish things are looking for $SOL. Currently fighting to get above the major horizontal resistance at $202, it can be seen just how important flipping this level into support will be.
The long wick under this weekly candle went all the way down to touch the 0.618 Fibonacci for this entire uptrend. This is deep enough to be very healthy, and thus a great level to bounce from.
However, even more bullish is the Stochastic RSI at the bottom of the chart. The cross of the fast blue indicator line over the slow red indicator line signals that strong upward price momentum is close. This will be confirmed if both lines are above the 20.00 level at the close of this week.
$SOL retests strong support against $BTC pair
Source: TradingView
Given how badly the dollar is doing against real assets, the SOL/BTC chart is arguably much more important. Here it can be seen that $SOL recently tested the extremely important horizontal support at 0.00186 BTC.
A minor descending trendline could be about to be breached, and then bulls would look to break through the major descending trendline that started back in early September 2021. Once again, the Stochastic RSI is very much in favour of $SOL. From the bear’s perspective, if the major bull market support level breaks downward and is confirmed, $BTC will once again become the faster horse.
$SOL bounces from major horizontal support against $ETH pair
Source: TradingView
Solana is also after Ethereum’s position as the number 2 cryptocurrency behind Bitcoin. The weekly SOL/ETH chart puts this in plain perspective. The $SOL price broke through against $ETH in September 2024, went higher, and has now successfully retested what has become an enormously strong horizontal support level.
A new high for SOL/ETH is the next likely move. The Stochastic RSI at the bottom of the chart would appear to support this thesis.
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.
