Solana (SOL) Could Be Ready for $200, Third Dogecoin (DOGE) Price Drive to Cause 30% Surge? Has New Ethereum (ETH) Bull Run Just Formed?

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As a seasoned crypto investor with a knack for spotting trends and riding the waves, I’ve seen my fair share of market ebbs and flows. After careful analysis of the current state of the market, I’m bullish on Solana (SOL) reaching $200 in the near future. The asset’s recent breakout above $160 is a significant milestone, signaling a larger market shift for SOL.

It seems that Solana is showing great promise for a recovery, and it looks like the asset could soon reach around $200. At the moment, the asset is trading above $170 due to robust upward movement initiated by the $160 breakthrough earlier this month. Given the recent price activity, Solana might be gearing up to move even higher, potentially challenging the next notable resistance level at $185.

Based on the technical analysis, Solana seems to encounter minimal resistance ahead. Currently, it’s moving within a relatively stable price range following its breakout from the $160 area. A solid base of support is developing at $155, suggesting a potential continued upward trend for the asset. The upcoming key level to monitor closely is $185, which could potentially act as the next hurdle on the path to a possible surge towards the psychologically significant $200.

Solana appears slightly overextended based on its Relative Strength Index (RSI), sitting around 71. This could signal a brief pullback or phase of stability that would provide the bulls with an opportunity to regroup and gather momentum for a potential future surge.

As a researcher, I’m observing a potential growth in Solana’s value. If it manages to sustain itself above the $170-$175 mark, I anticipate an additional resistance at roughly $185. This is noteworthy because the recent breakthrough of the $160 barrier, which had previously acted as a significant resistance for months, suggests a larger market shift for Solana, possibly indicating increased investor confidence and potential growth in the future.

Based on its recent movement, it seems possible that Solana could enter a prolonged bullish phase. This is especially likely if it manages to surpass the $185 mark. Once that happens, the $200 milestone might become achievable. The trend of Solana’s price suggests a substantial upward trajectory. Favorable market conditions and minimal resistance ahead could help the asset approach the $200 target quickly.

Another Dogecoin surge?

It appears that Dogecoin could be gearing up for another potential increase of around 30%. This rise might mark the third phase in a series of price surges, often considered one of the most powerful stages in such trends, based on the Elliott Wave principle. The upcoming leg in Dogecoin’s price action may lead to a substantial short-term boost. Looking at the current chart, Dogecoin has broken through crucial resistance levels, sitting around $0.12 and holding steady near $0.13. It has maintained its rise even during minor dips, and solid support has been established at $0.12 and $0.11.

The Dogecoin (DOGE) may continue climbing higher due to its foundation, with potential growth amplified if the broader cryptocurrency market remains positive. At present, DOGE is slightly overbought as indicated by its Relative Strength Index (RSI) of around 70. However, this does not deter its ongoing upward trajectory. A temporary dip might occur before another uptrend, allowing for some consolidation of gains. Under the current circumstances, Dogecoin could potentially increase by about 30%, placing its price within the $0.18-$0.19 range – a significant psychological resistance level.

According to Elliott Wave theory, which suggests price movements follow a five-wave pattern, it’s notable that the third wave, known for being the longest and most powerful, might be underway in Dogecoin’s market. If this holds true, it could mean an additional upward trend in the market, potentially fueled by increased buying pressure and general market optimism.

Predicting a potential surge towards $0.18-$0.19, traders are advised to keep a close eye on the support zones at approximately $0.12 and $0.11. With the third price surge underway, Dogecoin might enter a new stage of growth, potentially reaching record highs in the coming weeks.

Ethereum uptrend incoming

The chart shows that Ethereum has recently been in a discernible uptrend. It is unclear, though, if this momentum will be sufficient to start a full-fledged bull run. As of right now, Ethereum is operating within a clearly defined channel, and how the asset responds to important levels over the next few days may indicate its future course. Given the circumstances, Ethereum is currently encountering resistance at $2,790, which has been a stumbling block for the cryptocurrency throughout October. 

If we see a jump surpassing the current level, it could signal a more robust increase in price. This rise might then target the psychologically important figure of $3,000, which could serve as a crucial point for further expansion. Meanwhile, there seems to be growing support developing at approximately $2,488 on the lower side. The bottom line of this ascending trendline is at this level, and a drop below it may suggest a brief pause or correction.

Extra backing can be spotted at approximately $2,400, a level where Ethereum has bounced back before. The Relative Strength Index (RSI), standing at 56, indicates a moderate upward trend, but Ethereum isn’t yet overbought. While trading volume appears consistent, major price fluctuations might necessitate increased trading activity to sustain the trend. In summary, while Ethereum is looking optimistic, it’s premature to confirm a full-blown bull market at this stage.

In the coming days, we might gather additional data based on Ethereum’s reaction to the resistance level around $2,790 and its ability to hold the support at $2,488. If Ethereum manages to break through substantial resistance, higher price levels could be within reach; however, if it fails to do so, we might see a temporary pullback or sideways movement instead.

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2024-10-25 03:23