The post Why Solana’s ATH depends on Bitcoin’s breakout to $93K appeared on BitcoinEthereumNews.com.

Solana has regained dominance over its rivals, setting SOL up for short-term gains.  However, reaching a new ATH might require a bit more time. Defying market odds, hopes for Bitcoin [BTC] to hit $100K in one bull run seem to have wavered. Even with President Trump’s backing, caution is taking over the market. Yet, the lack of a pullback suggests the bears aren’t winning just yet. This climate has opened the door for altcoins to shine, breaking psychological barriers and outperforming Bitcoin with gains that have doubled its pace.  Unlike the previous cycle, which saw Solana [SOL] reap the most benefits, its rivals have taken the spotlight this time, with Cardano [ADA] posting higher highs. As Bitcoin struggles to break resistance at $93K, altcoins seem poised for short-term gains.  For a parabolic run, however, BTC must surpass this resistance to restore investor confidence in the market. Meanwhile, Solana faces other challenges that, if unresolved, could hinder its push toward a new all-time high. Two possible paths lie ahead for Solana The last 24 hours have been crucial for Solana, breaking free from a five-day consolidation with a 9% jump in a single day, trading at $238, at the time of writing. This level last seen in the same month three years ago, during the cycle when SOL reached its ATH of $260. This breakout comes at a time when Bitcoin is locked in a tug-of-war to overcome resistance at $91K. Meanwhile, on the daily charts, XRP has stolen the spotlight. While Solana remained stagnant, XRP surged with a massive rally, gaining over 70% and breaking the $1 barrier. Together, these factors create a bullish outlook for Solana. The reasoning is simple: over the past five days, Solana’s consolidation was driven by investors redirecting their focus to XRP.  However, XRP’s recent…

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Filed under: News - @ November 17, 2024 1:18 pm