The altcoin market has recorded a significant bullish recovery during the early Asian market. This comes after Bitcoin price successfully reclaimed the $71,000 level with a 24-hour high of $71,475.47.
With the rising volatility in the cryptocurrency market and a much-anticipated altcoin season, will Solana flip Ethereum during this altcoin price rally, or will ETH price maintain its dominance by adding more value to its portfolio over the SOL token?
Ethereum (ETH)
Amid a strong bullish recovery, the Ethereum price has jumped ~5% in the past 24 hours with a trading volume of $21.499 billion. Following this, the altcoin leader successfully reclaimed the $2,600 level during the early Asian trading hours.
The RSI indicator is on the verge of experiencing a bullish convergence in its 1D time frame. Further, with its EMA 50-day acting as a support, the ETH coin price hints at a bullish outlook during the upcoming time.
If the bullish price action remains, the Ethereum token could potentially head toward its important resistance level of $2,800 this week. Conversely, if the geopolitical tension intensifies, this could pull the price of Ethereum crypto toward its $2.5k level.
Will the largest altcoin by market cap achieve a new all-time high in this bull rally? Read our Ethereum (ETH) Price Prediction article to uncover the long-term price projections!
Solana (SOL)
With a jump of ~2% in the past 24 hours, the Solana price continues trading within its ascending channel pattern in the 1D time frame. Notably, it has surged 7.98% over the past week and 15.69% during the past 30 days. This indicates a rising interest of investors in it.
The MACD indicator records a constant green histogram with its averages showing a constant rise in the SOL price chart. Further, the Simple Moving Average (SMA) constantly supports the price chart in the 1D time frame. This suggests that the price may conclude this month on a bullish note.
If the Solana price successfully reclaims the $181 mark, this could result in it heading toward its yearly high of over the $200 mark. On the other hand, if a bearish trend reversal occurs, the altcoin may retest its support trendline of $155.
