Solana and Ethereum Set for Major Price Breakthroughs: What’s Next?

Solana and Ethereum are currently presenting intriguing opportunities for traders, as both cryptocurrencies show significant potential for substantial price movements. As highlighted by CryptoJelle, an analyst, the recent breakout from its re-accumulation structure suggests that the coin is on the verge of a major upward trend. This development follows months of preparation and consolidation. Observations from the weekly chart of SOL reveal a promising scenario for investors. 

The price has been ascending since mid-2023, indicating strong recovery from previous lows. This upward trajectory is further supported by the Relative Strength Index (RSI), which has been consistently bouncing off the 50 level, a key indicator of bullish momentum.

Key support levels for Solana include the ranges of $110 to $130 and $60 to $80. These zones have historically provided stability, serving as critical bases during market corrections. On the resistance front, the price is testing the $210 mark, with the all-time high at $259.90 serving as a major resistance point. 

The chart reveals a potential breakout above $210, with further gains likely if this level is surpassed. Given the price of $180.24 and a recent increase of 4.21% in the last 24 hours, the momentum appears favorable for reaching new highs.

As further noted by CryptoJelle, Ethereum is poised for a significant move as well, with spot ETFs set to begin trading tomorrow. The ETHUSDT weekly chart showcases a robust uptrend, marked by a series of higher lows and highs. This formation, alongside an ascending triangle pattern, suggests strong bullish sentiment. 

Despite recent price fluctuations, the RSI indicates a descending triangle pattern, hinting at a potential breakout. The RSI’s behavior, particularly its bounce from the 40-50 level, supports the possibility of a price surge.

Ethereum’s key support levels include $1,750 to $1,850 and $1,350 to $1,500, zones where the price has previously found stability. Resistance levels to watch are around $3,850, with the next major resistance in the $4,500 to $4,850 range. 

If Ethereum can break through the $3,850 resistance, it is likely to target the higher resistance range, reflecting a bullish outlook. At press time, ETH is priced at $3,497.55, coupled with a slight decrease of 0.10% in the past 24 hours.