The two biggest layer 1 cryptocurrencies below Bitcoin are Ethereum ($ETH), and Solana ($SOL). Both of these altcoins are primed to run hard. That said, all eyes are still on Bitcoin. As soon as Bitcoin pauses in its latest upside bid, look for $ETH and $SOL to do some serious catch-up.
$ETH breaks out of 2-year triangle
Source: TradingView
The $ETH (ETH/USD) price is already doing much to reverse the long period of relative inaction relative to the extraordinary feats of $BTC. A breakout of a triangle in force since late 2021 is definitely a fillip to the $ETH bulls. There is still the rest of this week to go before this breakout is confirmed, but things are looking very good so far.
The next target for the bulls is to make a higher high, which the price is not very far from doing. That said, the current level is very strong resistance. $4,860 is the all-time high if this can be held above.
Have $ETH bulls finally arrested the slide against $BTC?
Source: TradingView
Looking at the $ETH price against its $BTC pair (ETH/BTC) it can be seen that $ETH still has much to do. It appears that the $ETH bulls may have arrested the slide at the 0.036 BTC horizontal support, but the descending channel must be broken to the upside.
$SOL breaking out of bull flag
Source: TradingView
The $SOL (SOL/USD) price is currently breaking out of a bull flag. This is in the daily chart, so the bulls will need to keep the price above the top trendline of the flag until close of play on Thursday for this to be a confirmed breakout. The measured move for the flag is to $330.
$SOL about to resume uptrend against $BTC
Source: TradingView
The $SOL price against its $BTC pair (SOL/BTC) has much more potential than the (ETH/BTC) pair. It can be seen that despite a terrible bear market for $SOL, when it lost 90% of its value against $BTC; this bull market has seen $SOL record some great gains against $BTC so far.
The price is currently traversing sideways within a wedge pattern. Given that the price entered the pattern from below, and the trend is up, it might be expected that $SOL breaks out against $BTC at some point. Currently near the bottom of the wedge, a bounce from here could send the price back to the top of the wedge and that potential breakout.
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.
