Solana (SOL) is up over 26% in the last two days – what’s next?
Solana’s SOL skyrocketed on October 21 as traders shifted focus from Bitcoin to the most promising altcoins.
Notably, the price of SOL is currently up as much as 15% to $ 202, its highest level since September 11th, an increase of nearly 30% in the past 36 hours.
Daily frame SOL price table | Source: TradingView
In-game capital rotation?
Bitcoin’s new all-time high (ATH) on October 20 also triggered price rallies in the altcoin market.
For example, Ethereum’s Ether delivered better returns on October 20 after closing at $ 4,170, up 7.32%. It continued to rebound to $ 4,374 on October 21, just $ 10 off the previous ATH of $ 4,384, and has currently returned to $ 4,126.
Ether price chart of the daily framework | Source: TradingView
In contrast, Bitcoin corrected more than 3.5% below $ 65,000. As a result, ETH / BTC rose more than 5% to hit an intraday high of 0.06289 BTC.
Likewise, SOL’s performance against USDT has outperformed Bitcoin for the past two days. This has caused SOL / BTC to surge more than 10% to 0.0032218 BTC, suggesting that traders have turned capital from the Bitcoin market to Solana.
Daily frame SOL / BTC price chart | Source: TradingView
Bull flag SOL is activated
Solana’s most recent rally also appeared as a bullish breakout from a multi-month consolidation channel.
SOL began to consolidate sideways in a triangle-like trading range after rallying more than 200% in the August-September period, causing the formation of more highs and lower highs along with trading volume to decline, which becomes the outlook on the channel to a pennant.
Since pennants are often a trend continuation indicator, their formation on the SOL chart after a major rally increased the prospect of driving the SOL price higher. Hence, the October 20th breakout represents a long rally with the target of a length equal to the size of the previous uptrend.
SOL / USD daily price chart raising a bull flag | Source: TradingView
In other words, the price target for SOL could be $ 250 by the end of the month. However, retesting the pennant’s upper trendline for support would risk weakening the bullish setup.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Mr. Teacher
According to Cointelegraph
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Solana (SOL) is up over 26% in the last two days – what’s next?
Solana’s SOL skyrocketed on October 21 as traders shifted focus from Bitcoin to the most promising altcoins.
Notably, the price of SOL is currently up as much as 15% to $ 202, its highest level since September 11th, an increase of nearly 30% in the past 36 hours.
Daily frame SOL price table | Source: TradingView
In-game capital rotation?
Bitcoin’s new all-time high (ATH) on October 20 also triggered price rallies in the altcoin market.
For example, Ethereum’s Ether delivered better returns on October 20 after closing at $ 4,170, up 7.32%. It continued to rebound to $ 4,374 on October 21, just $ 10 off the previous ATH of $ 4,384, and has currently returned to $ 4,126.
Ether price chart of the daily framework | Source: TradingView
In contrast, Bitcoin corrected more than 3.5% below $ 65,000. As a result, ETH / BTC rose more than 5% to hit an intraday high of 0.06289 BTC.
Likewise, SOL’s performance against USDT has outperformed Bitcoin for the past two days. This has caused SOL / BTC to surge more than 10% to 0.0032218 BTC, suggesting that traders have turned capital from the Bitcoin market to Solana.
Daily frame SOL / BTC price chart | Source: TradingView
Bull flag SOL is activated
Solana’s most recent rally also appeared as a bullish breakout from a multi-month consolidation channel.
SOL began to consolidate sideways in a triangle-like trading range after rallying more than 200% in the August-September period, causing the formation of more highs and lower highs along with trading volume to decline, which becomes the outlook on the channel to a pennant.
Since pennants are often a trend continuation indicator, their formation on the SOL chart after a major rally increased the prospect of driving the SOL price higher. Hence, the October 20th breakout represents a long rally with the target of a length equal to the size of the previous uptrend.
SOL / USD daily price chart raising a bull flag | Source: TradingView
In other words, the price target for SOL could be $ 250 by the end of the month. However, retesting the pennant’s upper trendline for support would risk weakening the bullish setup.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Mr. Teacher
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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