ETH breaks out and SOL surges higher, keeping crypto markets tight

Cryptocurrencies have offered a muted performance in the past few weeks, way outperformed by ever-ecstatic US Equities breaking all-time highs almost daily.

Yesterday's session offered a mixed cryptocurrency session with only the digital market leaders pushing higher and lifting crypto sentiment.

Solana, up a staggering 20% since Monday, is doing heavy lifting to bring Markets higher amid a still resistant Bitcoin performance.

BTC had struggled throughout the end of August, right after reaching new all-time highs. From $124,250 to $107,000 lows, some profit-taking fears had calmed enthusiasts, but Bulls having held a key Support allowed the current moves to form.

The market leader consolidated, supported by consistent ETF inflows and positive headlines for the crypto Markets (SEC and Federal Reserve pushing for wider adoption and understanding of blockchain technologies).

Since, BTC came back towards the $115,000 pivot zone which will act as a key barometer for upcoming momentum.

Discover through our pre-weekend Crypto intraday technical analysis how the three largest cryptocurrencies, Solana, Ethereum and Bitcoin, hold the market tight.

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The rest of the altcoin Market doesn't seem to be as ecstatic as Solana, but despite many names being down in today's session, the extent of their correction is still relatively low.

Similar to equity indices getting lifted by the Magnificent 7, Cryptos could be going through a similar phase (?) – A theme to keep an eye on for upcoming trading.

Solana is breaking its upward channel to the upside in its ongoing power-move.

The $39 and 20% upward jump in a few days is demarking the biggest ETH competitor from the rest of the Crypto Market – The boost in demand comes amid growing appetite for Solana ETF's that are getting offered by traditional exchanges (like the SSK Solana ETF)

Even memecoins that were performing well in the past week haven't seen such moves.

With the size of the current bull bars, it will be interesting to see if pre-weekend appetite is strong enough to break a zone that acted as resistance during the November 2024 rally.

Levels to keep on your Solana Charts:

Support Levels:

• Resistance turned pivot level $218 to $220
• Support zone $200 to $205
• $185 higher timeframe momentum support

Resistance Levels:

• November 2024 $238 to $240 mini immediate resistance
• $250 to $255 main resistance
• $290 to $300 all-time high resistance ($295 ATH)

The range mentioned in yesterday's Crypto analysis actually broke overnight to the upside.

Ongoing trading doesn't look the strongest, with wicky action at the highs. Nonetheless, the upside breakout puts the ball back into the Bulls possession.

Next week will be pivotal for all-markets, and with the current setup, Ethereum will have to outperform again to regain a further bullish tilt which would be of great assistance to the rest of the altcoin market.

Levels to place on your ETH Charts:

Support Levels:

• Consolidation resistance now pivot $4,480 to $4,500
• $4,200 to $4,500 consolidation Zone (getting tested)
• $4,000 to $4,095 Main Long-run Pivot
• $3,500 Main Support Zone

Resistance Levels:

• $4,600 psychological level and August 26th peak
• $4,950 Current new All-time highs
• $4,700 to $4,950 All-time high resistance zone
• Potential main resistance $5,230 Fibonacci extension

Bears failed to hold the largest Crypto below key support which was a key signal for Bulls to grab the advantage.

After forming a slow but steady inverted head-and-shoulders pattern, Bitcoin gain a decent momentum particularly with Yesterday's upside momentum.

The measured-move target to the H&S pattern would point right inside the $116,000 to $117,000 pivot zone which acted as consolidation before the new ATH was reached.

Reactions there will be key to monitor.

Levels to place on your BTC Charts:

Support Levels:

• $110,000 to $112,000 previous ATH support zone
• $106,000 to $108,000 key support
• $100,000 main support at the psychological level

Resistance Levels:

• Current all-time high $124,596
• Major resistance $122,000 to $124,500
• $116,000 to $117,000 key pivot
• $126,500 to $128,000 Fib-extension potential resistance (1.382% from April to May up-move)

Safe Trades!

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