Solana (SOL) and XRP Gearing Up For A Mega Rally in 2024

Bitcoin and the broader cryptocurrency market rallied with the Bitcoin ETF applicants submitting their final applications to the U.S. SEC on Monday, January 8. Some altcoins have witnessed strong bounceback, especially, the likes of Solana (SOL) XRP, avalanche (AVAX), and Cardano (ADA).

The Solana Price Rally

After hitting a high of $123 on Christmas last year, Solana (SOL) has been facing strong selling pressure since the beginning of 2024. As a result, the Solana price tanked under $90 earlier this week on Monday. However, the SOL price gave a strong bounceback of 12.98% at $102 with a market cap of $44.3 billion.

In a recent analysis, crypto analyst Ali Martinez highlighted intriguing developments in the price chart of Solana ($SOL). On the hourly chart, Martinez observed indications of a potential bull flag formation, a technical pattern often associated with bullish trends.

According to Martinez, a crucial factor for triggering a significant upward move in Solana’s price would be a decisive close above the $110 resistance level. If this level is surpassed, it could serve as a catalyst for the cryptocurrency, paving the way for a notable price surge.

In the event that the observed bull flag pattern holds, Martinez speculates an optimistic target for Solana at $163. This ambitious projection suggests a potential substantial gain for $SOL if the anticipated bullish momentum materializes.

The XRP Price Action

Ripple’s native cryptocurrency XRP has been trending downwards recently. At press time, XRP is trading 3% up at $0.57 with a market cap of $31.06 billion.