Published
6 months ago on
October 30, 2023
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Some analysts are defiant in their belief that crypto can’t continue to go up while stocks are down. It would appear that Bitcoin, Ethereum, and Solana, have other ideas.
As wars rage, bond markets are teetering, banks are on the brink, and equities are falling, the crypto market is staging a recovery, and not any old dead cat bounce, but what might be turning into a full blown bull market.
Bitcoin ready to break bullish pennant
Bitcoin leads the way, as is its due. Up 112% for the year so far, the alpha cryptocurrency is not showing any signs of faltering. Currently inside of a bull pennant that has continued to lengthen, the bitcoin price looks ripe for a further explosion to the upside.
Source: Trading View
A measured move for the flag could take bitcoin to over $40,000, and with approval for the Spot Bitcoin ETF perhaps coming within days, and weeks at most, the future for bitcoin does look bright.
Ethereum waking up at last
Just like bitcoin, ethereum has had its obstacles to overcome. It has lagged the king of the cryptocurrencies thus far, in that it is only just managing to consolidate above its 200-day moving average.
Source: Trading View
However, now it is above this extremely important indicator, a flag is forming from which price could be catapulted higher. The $ETH measured move here would likely be to over $2,150.
Solana outperforms them all
The talk in technical crypto circles right now is on Solana’s game-changing Firedancer which is set to enhance scalability and processing times to levels practically unheard of until now. According to analysts, latency times can be reduced to milliseconds - the same as is achieved on the world’s major stock exchanges. An analyst quoted from a Messari report when he stated:
"They talk about how Firedancer puts Solana in the range of CEX latency times... And they go on and talk about things like security and expenses and processing times and, again, latency, which is so important,"
With this kind of news in the forefront for Solana, the price of $SOL is being driven strongly. 335% up on the year, $SOL is emerging as one of the major catalysts for the crypto bull market.
Source: Trading View
An upward sloping channel is guiding the price higher, and although this is usually a bearish chart pattern, if the price is forced out of the top of the channel, it would become very bullish for $SOL indeed.
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.
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