The large caps are moving: Ethereum (ETH) and Solana (SOL) Price Analysis

While Bitcoin (BTC) consolidates, ready for the next potential move into price discovery, the large cap layer 1s such as Ethereum (ETH) and Solana (SOL) are manoeuvring into their own breakout positions. What does June have in store for both? $ETH successfully retests $2,500 support yet again Source: TradingView The daily chart for $ETH shows that the price dropped out of the bottom of the bullish ascending triangle pattern. However, after testing the $2,500 major support level, the price has bounced back again. With the daily Stochastic RSI starting to rebound from the bottom, the chances are that the bulls could finally push the price above the top of the triangle and guide it towards the next resistance at $2,850. Bullish or bearish move next for $SOL? Source: TradingView The $SOL price is at an interesting point on the daily chart. The bulls are either going to force the price up through the major $160 resistance, or the bears are allowing a retest of the breakdown before bringing the price down, at least to the support at $137, and possibly down to $130 which is the measured move of the M pattern. If $SOL can continue this relatively recent uptrend, making a local higher high above $188, also key resistance, this would augur well for a potential return to the January all-time high. However, with seemingly endless selling pressure coming from Binance, via Wintermute, a subjugation of the price is still ongoing. $ETH or $SOL going into Q3? Source: TradingView Especially given Ethereum’s bounce from the bottom, traders and investors may be eyeing the second biggest cryptocurrency by market capitalization as a decent position to take for the rest of this bull market. Solana also bounced a similar amount from its bottom, but the SOL/USDT chart does not look as good as it does for ETH/USDT. The weekly SOL/ETH chart above shows the general uptrend for $SOL over $ETH. Nevertheless, $SOL has fallen through the ascending trendline and is perhaps now seeing a hold above the 0.059 ETH support level. Also, unless $SOL falls below the next major support at 0.055 ETH, and makes a lower low, the trend is still up. The Stochastic RSI indicators on this high time frame are coming to the bottom. Once they turn back up, the momentum should swing back to $SOL. With this in mind, the possibilities are that $SOL moves back into the ascendency into Q3. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily