Bitcoin (BTC) and the rest of the cryptocurrency market rallied following the final submissions of Spot Bitcoin ETF applicants to the US SEC on January 8. Strong comebacks were observed in some altcoins, especially in coins like Solana (SOL), XRP, Avalanche (AVAX), and Cardano (ADA). Experienced cryptocurrency analyst Ali Martinez expressed his expectation for a rally in Solana’s SOL token.
Solana’s SOL Price Rally
After reaching $123 at the end of 2023, SOL faced strong selling pressure since the beginning of 2024. Consequently, the price of SOL dropped below $90. However, with the latest developments regarding the Spot Bitcoin ETF, the popular altcoin turned its direction upwards, achieving a rise of up to 13%, surpassing the $100 level again, and is currently trading around $101.
Closely followed cryptocurrency analyst Ali Martinez pointed out an interesting formation on the SOL price chart in a recent analysis. Martinez noted that on the hourly chart, there were signs of a potential bull flag formation, which is typically associated with uptrends.
According to the analyst, the first significant factor for triggering a major upward movement in Solana’s price would be a decisive candle closure above the resistance level around $110. Breaking this level would serve as a catalyst for SOL’s rise and could pave the way for a notable price increase.
Martinez indicated that if the bull flag formation he observed were to complete, it could point to an optimistic target of $163 for Solana. This ambitious target level corresponds to a potential significant gain for SOL if the expected upward momentum materializes.
XRP Could Rocket with Upcoming Court News
Ripple’s altcoin XRP has been moving downward in a bearish trend in recent days. At the time of writing, XRP is trading at $0.5676 with a market capitalization of $31.06 billion, up 1.92%.
Market observers and analysts are anticipating a major breakout for XRP in 2024, with this scenario fundamentally relying on positive news flow from the court. It is well known that Ripple is currently in a legal battle with the SEC, and favorable court decisions for Ripple and XRP are expected to trigger a significant recovery for the altcoin.
