Bitcoin and Ethereum prices are soaring after a two-month slump. The leading digital assets are dragging the whole crypto market with them as the altcoin prices flip bullish. As a result, Solana (SOL) price is also looking very bullish as bulls aim for another retest of the $200 barrier.
Crypto bears are capitulating amid a fresh wave of bullish market sentiment. The sudden shift in market expectations around the ETH ETF applications has changed the bearish market structures of most of the charts.
In the light of behind-the-scenes developments between the SEC and the spot ETH ETF applicants, Bloomberg analysts have raised the odds of approval. On Monday, Bloomberg analysts Eric Balchunas and James Seffart suddenly changed the likelihood of an Ethereum ETF approval from 25% to 75%.
This was quite surprising for the market participants as the deadline for VanEck’s Ethereum ETF is May 23. This means a potential approval of the ETH exchange-traded funds as soon as later this week. Consequently, ETH price broke out of consolidation, gaining 19.23% in a single day. At press time, the native asset of the pioneering smart contact platform stood at $3,770 after rising another 2.97% on Tuesday.
As depicted in the following ETH/USD chart, the pair has broken out of the descending triangle pattern with a strong bullish momentum. The price is currently trading above $3,660-$3,730 supply zone. A daily closure above this zone would pave the way for a retest of the yearly highs around the $4,100 mark.
However, it is worth mentioning here that this Ethereum price prediction might take a bearish turn if the SEC rejects VanEck’s ETF, which has a deadline of May 23.
Even though BTC price couldn’t show a similar surge to that of ETH, it still posted a substantial gain of 7.8% on Monday. However, on Tuesday, the pioneering digital asset was down 1.10% till press time after a minor correction from the day high of $71,979. The recent breakout above $67,000 resistance has put a new all-time high for the Bitcoin price on the cards.
Technical analysis of the SOL/USD chart presents a very bullish Solana price prediction with price targets as high as $260 in the near term. An incredible 40.81% surge has followed a 37.49% correction in April in May. The first bullish target for the bulls is in the high range of around $194. A clear break above this level could send SOL to fresh yearly highs above $210 or even a retest of the all-time highs around $260.
However, in case of a pullback from the current level, the price might find strong support at the range low of $166.
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