The cryptocurrency market is once again in the spotlight. Ethereum has surpassed the $4,700 mark, creating a positive sentiment among major altcoins, including Solana.
Ethereum: Surpassing a Key Level
Ethereum (ETH) has reached the $4,700 mark for the first time since 2021, contributing to a 30% weekly surge. This growth significantly impacts market sentiment, particularly for major altcoins.
Solana: Harmonious Pattern on the Chart
Solana (SOL) is up 14% today, extending its weekly gains to 23%. A Bearish ABCD harmonic pattern is forming on the daily chart, indicating that SOL is currently on a bullish CD leg leading towards potential growth.
Future Outlook for Solana
If the bullish momentum persists, Solana may reach the $216.56 zone, where resistance is likely. However, traders should be aware of the possibility of a retracement towards support before hitting this target.
Current trends in the cryptocurrency market indicate significant growth for both Ethereum and Solana, which may bring challenging times for traders. It is crucial to monitor developments and consider potential corrections.
