The recent surge in Bitcoin’s price, surpassing the $100,000 mark, has sparked curiosity among investors and analysts alike. Glassnode co-founders, Jan Happel and Yann Allemann, have delved into the reasons behind this milestone. According to them, inflation data played a significant role in fueling this rally.
Happel and Allemann are closely monitoring the next steps for Bitcoin. They emphasize the importance of flipping $102,000 into support to break the price compression below this zone. They caution that a loss of $100,000 could prompt a retest of the $97,200–$98,500 support level. However, a daily close above $102,000 could pave the way for Bitcoin to reach $104,000 and eventually target the upper channel at $108,000.
On the Ethereum front, Happel and Allemann are also keeping an eye on Solana (SOL). They note that SOL is primed for a major rally, with the potential to break out towards $230 and target the previous high of $264. They point out that the daily RSI indicator for SOL is currently neutral, indicating favorable conditions for a move higher. Additionally, they suggest monitoring ecosystem tokens JUP and WIF for potential momentum.
As of the time of writing, Bitcoin is trading at $101,604, with a 7% increase in the last two weeks. Meanwhile, Solana is valued at $230, with a 0.3% increase on the day.
In conclusion, Happel and Allemann’s insights offer valuable perspectives on the current trends in the cryptocurrency market. By analyzing key data points and technical indicators, they provide valuable guidance for investors looking to navigate the volatile landscape of digital assets. Stay tuned as Bitcoin and Solana continue their ascent, aiming for new heights in the ever-evolving world of blockchain technology.
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