Solana (SOL) and Ethereum (ETH) reach local tops - Bitcoin’s (BTC) turn again?Crypto Daily

cryptodailyPublished on 2023-10-31Last updated on 2023-11-04

Abstract

Bitcoin pierced through the top of its bull flag, while $SOL and $ETH also rallied strongly. Is it time now for $BTC to take charge again?

Table of Contents

Bitcoin pierced through the top of its bull flag, while $SOL and $ETH also rallied strongly. Is it time now for $BTC to take charge again?
Bitcoin pierces through
Post the Federal Reserve FOMC meeting, where Chairman Powell announced the widely expected news that interest rates will stay where they are again, bitcoin and crypto pushed up on the news.
Bitcoin finally broke through the top of the bullish pennant within which it has been majestically sailing sideways since early last week. A 4.8% move higher since the FOMC meeting ended with bitcoin making a touch of the 0.382 Fibonacci level before pulling back slightly. After the bullish monthly close for October, perhaps the fireworks are only just beginning.
Solana: the stand-out performer
Solana ($SOL) was the stand-out performer for crypto once again. Having broken through its up-sloping channel (an extremely bullish move in itself) $SOL surged up and through the last major resistance, glimpsing a whole load of blue sky waiting above. 


Source: Trading View
The price jumped as much as 22% over the course of Wednesday before retracing back under the resistance at $44. Thursday has also dawned brightly for the super-fast layer 1 blockchain network. Up around 6% on the day so far, the price has reached up to touch the resistance once again, currently hovering at $43.56 at time of going to press.
Further resistances await above at $59 and $68, with the next major resistance coming in at $75. Having been beaten down so badly during the bear market, and boosted by the latest crypto rally, plus the incredibly bullish news of the development of Solana’s Firedancer client, this has all combined to push $SOL 110% higher in just over the last couple of weeks.
Ethereum the laggard so far...
Ethereum, arguably the premier layer 1, at least in market cap and the amount of developers on the network, has played the role of laggard so far at the beginning of this crypto bull market.


Source: Trading View
Currently within its own up-sloping channel, recently having confirmed above the 200-day moving average, and now butting up against a downward trendline which began back in mid-April this year, the $ETH price has seen rather more sideways action than $BTC or $SOL.
However, it remains inside of a huge ascending triangle which has been forming since May of 2022. The top of the triangle is at around $2,000. A breakout here would likely give some explosive impetus to help $ETH to reach the top of its channel, perhaps converging with resistance at around $2,500.
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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