Solana

Bitcoin ETF

Bitcoin

Spot

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/ehfjQ2Cs-e1704912393645.png" class="attachment-full size-full wp-post-image" alt="BTC Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Solana Price Prediction: Amid the recent market uncertainty surrounding spot Bitcoin ETF approval, the <a href="https://coingape.com/price/solana/">Solana price</a> witnessed a notable correction in the last two weeks. From the new local top of $126.36, the coin price has plunged nearly 25% to currently trade at $94.58. However, a look at the daily time frame chart shows this correction has led to the development of a bullish Flag pattern which indicates the asset will rebound aiming for higher targets 
<h2 id="b-flag-pattern-could-resume-recovery-in-sol-price-b">Flag Pattern Could Resume Recovery in SOL Price&nbsp;</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A healthy retracement to 38.2% FIB reflects the overall trend of this asset remains bullish.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the flag pattern will hint at the end of the correction end</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Solana coin is $3.3 Billion, indicating a 12% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/e/ehfjQ2Cs.png" alt="Solana Price Prediction" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Solana Price Prediction| TradingView Chart
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</figure> 
The parabolic growth in the <a href="https://coingape.com/solanas-developer-retention-rate-soars-50-in-3-months-report/">fifth-largest cryptocurrency Solana</a> entered a new correction when the price peaked at $126 in late December. This pullback had recently plunged the price to a low of $85, which coincides with the 38.2% Fibonacci retracement level.&nbsp; 
However, a steady lower-high, lower-low formation in the daily time frame showcased the formation of a bullish reversal pattern called FLAG. Following this pattern, the current retracement could be a temporary pullback to replenish the exhausted bullish movement pattern and prepare buyers for the next leap.&nbsp; 
<blockquote>
 If the <a href="https://coingape.com/us-sec-behind-spot-bitcoin-etf-approval-mix-up-bloomberg-analyst/">spot Bitcoin ETFs</a> is approved this week, the altcoin market will receive a significant inflow along with the BTC price. This could bolster the SOL price to breach the overhead resistance trendline of the flag pattern, offering buyers a suitable springboard to resume the recovery trend.&nbsp;
</blockquote> 
As per the Fibonacci extension, the spot-breakout rally could surge the altcoin by 58% to hit a potential target of $152. 
<h2 id="b-sol-vs-btc-performance-b">SOL vs BTC Performance</h2> 
<img decoding="async" class="aligncenter size-full wp-image-173323" src="https://coingape.com/wp-content/uploads/2024/01/image_2024-01-11_00-09-23-e1704912311123.png" alt="SOL price" width="1200" height="675">Source: Coingape| Solana Vs Bitcoin Price 
Over the past three months, both Solana and Bitcoin have exhibited bullish price trends. However, a distinct difference is observed in their recovery patterns. Solana (SOL) experienced a more vigorous recovery, marked by significant retracements that are advantageous for pullback trading strategies. On the other hand, Bitcoin, the leading cryptocurrency, demonstrated a steadier and more gradual upward trend, which is more suitable for breakout trading strategies. 
<ul> 
 <li aria-level="1">Exponential Moving Average: The 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> could continue to offer pullback support to buyers.</li> 
 <li aria-level="1">Moving Average Convergence Divergence: A bearish crossover state between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and signal reflects no sign of reversal yet in SOL from a price perspective.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/crypto-hackers-lure-ethereum-solana-tron-communities-into-airdrop-scam/">Scam Alert: Crypto Hackers Lure Ethereum, Solana &amp; Tron Communities Into Fake Airdrop</a></li> 
 <li><a href="https://coingape.com/breaking-cboe-approves-multiple-spot-bitcoin-etfs-for-trading/">Breaking: CBOE Approves Multiple Spot Bitcoin ETFs for Trading</a></li> 
 <li><a href="https://coingape.com/bitcoin-etf-will-sec-brief-press-on-decision-after-market-close/">Bitcoin ETF: Will SEC Brief Press on Decision After Market Close?</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/solana-price-prediction-can-sol-reach-150-btc-etf/">Solana Price Prediction: Can $SOL Reach $150 Amidst Spot BTC ETF Buzz?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price Prediction: Can $SOL Reach $150 Amidst Spot BTC ETF Buzz?

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