Although the market saw a drop in BTC a few weeks ago, things are trending upward again. A look at the latest charts shows signs that Bitcoin may be about to reach an all-time high (ATH) again.
The chart shows that BTC price is making a U-turn after falling. The current price is hovering around $66,902, but it was back down to around $53,324 a while back. This lower price is called the support level. What we are looking for now is an acceleration of the rally.
BTCUSD Charts by TradingView
On the other hand, there is also a compensation called “resistance.” Think of it like a ceiling. Currently, that ceiling is close to the highest price Bitcoin has ever reached, around $69,000. If Bitcoin can break through this ceiling, it could rise to new highs.
Bitcoin is gaining momentum and is above the orange line, the average price for the past 100 days. This is a positive sign. The big black line at the bottom, the 200-day average, shows that the overall trend is up. If buyers continue to show strong interest and more people want to buy BTC than sell it, the price could push the $69,000 ceiling.
Will Solana continue to move like this?
While the market is correcting, Solana's value is increasing. As expected, many people continue to look at the chart and ask if the rally will stop in the near future.
Let's take a closer look at the numbers. Currently, Solana costs approximately $186.75. This comes after a significant rally from prices such as $118.98, which was a strong “support” level. Support is like a floor below which the price does not want to fall. For Solana, resistance is near $200. If the price breaks through this ceiling, it could lock in ATH potential and move higher.
Looking at the trend, Solana is rising faster after passing through the mean line (center blue line). This line is like a guide to the average price over a 50-day period. Above that is Solana's current position, indicating that there is solid energy to ascend.
If more people want to buy SOL than sell it due to growth, the price could move above $200 towards the next major resistance level, perhaps around $210 or higher. However, keep in mind that the price of a cryptocurrency like Solana can go through a roller coaster of ups and downs.
Looking ahead, if Solana can sustain above the 50-day line (blue line), it doesn't look like the rally will stop anytime soon, especially if it breaks above $200.
Promising image of Ethereum
Recently, Ethereum has been forming a triangle on the price chart. This is more than just a shape. It's what traders call a “symmetrical triangle pattern.” When we see this pattern, it usually means that a big price change could happen soon, but we don't know whether the price will go up or down.
Ethereum price has been bouncing up and down between two lines that are getting closer together. The top line is going down and the bottom line is going up. Currently, Ethereum is around $3,442.7. The lines intersect near the $3,000 price, which is a very important point to note.
If ETH breaks above the top line, the price could skyrocket and surpass its recent high of around $3,575. This is the “resistance” level. However, if the price falls below the bottom line, the price could fall to around $2,918 or the “support” level of $2,534.
So what does this triangle tell us about what will happen to Ethereum's price? The triangle will become tighter and tighter, and soon Ethereum will have to choose a direction. Unfortunately, we don't know if it will go up or down.
