With Bitcoin’s price constantly reaching new highs, some altcoins are also showing momentum and potential for new highs. Solana has emerged as one of the strongest cryptocurrencies in history, climbing to become the 4th largest token alongside Bitcoin, Ethereum, and Tether. After breaking out of a descending pattern that lasted over 7 months, SOL’s price is now on track to surpass the final barrier before reaching a new all-time high close to $250.
Despite bears being stuck at highs for a couple of years, there are concerns about increased selling pressure. However, current market dynamics do not support a bearish trend, indicating that the token could surpass its all-time high and set new records before the end of the month.
Solana’s price is now in the final phase of the bull run, likely to complete after a parabolic recovery. The rebound from the 2023 lows marked the beginning of a rally, forming bull flags and surging towards the next resistance levels. Currently, the price has broken above a major bull flag after several bullish attempts, indicating a potential rise above the crucial resistance zone between $251 and $257.
Technical indicators are in favor of Solana, with the RSI nearing the overbought zone and the DMI maintaining a bullish trend. A rise above $250 seems likely, paving the way for Solana’s price to reach a new all-time high around $275 to $280 by the end of the month.
Will Sui (SUI) Price Continue to Discover New Highs?
Meanwhile, SUI’s price has launched a fresh bullish attack, with buying volume and pressure indicating a strong ascending trend. After breaking above the resistance of the rising expanding channel and reaching new highs around $3.3, the next target could be around $3.5, potentially in the near future.
SUI’s price has seen a significant increase in trading volume, surging from levels below a billion to as high as $3.6 billion within days. This influx of trading interest suggests a potential price increase that could push the token beyond its interim highs. Despite potential bearish pressure, the SUI price rally is expected to align with market sentiments until the end of 2024.