The cryptocurrency market has shown resilience and growth amidst expectations of rate cuts from the US Federal Reserve. Ethereum remains steady at $4,400 while Solana demonstrates notable gains.
Strength of the Cryptocurrency Market
The cryptocurrency market exhibits confidence with the anticipated changes in Fed policy. Ethereum holds at $4,400, indicating stability. Meanwhile, several altcoins are starting to display upward trends.
Harmonic Structure of Solana
On the weekly chart, Solana is forming a 'Bearish Bat' harmonic pattern—a formation that, despite its bearish connotation, often leads to significant rallies. This structure began forming at $293.43, corrected to Point A, bounced back to Point B, and then retraced to approximately $125.77. Currently, SOL is trading near $226.29 and continues to move upward.
Future Outlook for SOL
Should the pattern continue to unfold, SOL could rally towards the Potential Reversal Zone (PRZ) between $271.68 and $294.43. These levels are standard completion points for this harmonic structure and could represent key targets for further increases.
The cryptocurrency market shows positive signals, creating a solid foundation for continued growth in assets like Solana and Ethereum.
