The Bitcoin and broader crypto market experienced a rally following the submission of final applications for a spot Bitcoin ETF to the U.S. SEC on January 8. Notably, altcoins such as Solana (SOL), XRP, Avalanche (AVAX), and Cardano (ADA) saw significant rebounds. Experienced crypto analyst Ali Martinez signaled an expected rally for Solana’s SOL.
SOL, which reached $123 by the end of 2023, faced strong selling pressure at the beginning of 2024, dropping below $90. However, with the latest developments surrounding the spot Bitcoin ETF, SOL’s price turned upwards, achieving a 13% increase to climb back above the $100 level, trading around $101.
Crypto analyst Ali Martinez highlighted a potential bullish flag formation on the hourly price chart of SOL, a technical pattern often associated with uptrends. He pointed out that a clear candle closure above the $110 resistance level could trigger a significant upward movement for Solana’s price.
If the bullish flag formation observed by Martinez completes, he suggests an optimistic target of $163 for Solana, indicating a potential substantial gain should the expected upward momentum materialize.
Meanwhile, Ripple’s XRP has been trending downwards recently but is expected to surge in 2024, with market watchers attributing the potential rally to favorable news from the ongoing legal battle between Ripple and the SEC. Positive court outcomes for Ripple could be a catalyst for a significant recovery in XRP’s value.