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Solana Eyes $500 as Cup and Handle Pattern Signals Bullish Continuation

Albert Brown
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Solana Eyes $500 as Cup and Handle Pattern Signals Bullish Continuation

The cup and handle pattern observed in the Solana (SOL) chart signals a potential breakout, with analysts eyeing a $400-$500 target.

Solana (SOL) has recently shown impressive market resilience, reaching a local peak of $225 before a slight pullback. At the time of writing, SOL traded at $216, reflecting a 1.23% increase over the past 24 hours.

Over the last seven days, the token has surged by 15.15%, fueling speculation about its potential to surpass its all-time high. Analysts and traders are monitoring the situation closely, offering varying predictions for the token’s next moves.

Solana Potential Bullish Continuation

A technical analyst on TradingView identified a cup and handle formation on Solana’s long-term charts. This pattern, which began forming in late 2021, saw SOL’s price drop below $10 during the bear market. The subsequent recovery in 2023 brought the token to its current levels. 

SOLUSD TradingView
SOLUSD TradingView

Following the formation of the cup, SOL entered a consolidation phase, characterized by a descending wedge that forms the handle. Historically, this structure indicates bullish continuation, especially on monthly timeframes. The analyst suggests that a breakout could propel Solana’s price to between $400 and $500.

More Conservative Outlook

While long-term charts hint at significant gains, short-term predictions offer a more cautious view. A prominent analyst on X, Satoshi Flipper, highlighted a bullish channel on the hourly chart. 

This pattern suggests that SOL could climb to $260, a target associated with a pennant breakout. Beyond that, the token might test new all-time highs. 

Meanwhile, another analyst, operating under the pseudonym Bitcoin Buddha, highlighted Solana’s strong performance on the weekly charts and described its current trajectory as highly bullish. He noted that memes coins on the Solana network are now generating over $1 billion in daily trading volume, a bullish sign for Solana. Amid this, he noted that Solana will remain his top pick for this cycle.

Increased Market Confidence

Beyond technical analysis, Solana’s staking metrics indicate strong network confidence. Data from analytic platform Dune shows a consistent recovery in staked SOL. The total value of staked SOL in USD surpassed $81 billion, while the token count stabilized at around 407 million.

SOL Staking
SOL Staking

Notably, increased staking locks tokens for extended periods, taking them out of circulation. This dynamic could alleviate selling pressure and potentially support price stability or growth.

BitBoy Says $5 Possible for Cardano But Insists it is “A Dying Platform”

Abdulkarim Abdulwahab
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BitBoy Says $5 Possible for Cardano But Insists it is “A Dying Platform”

Crypto commentator Ben Armstrong, known as BitBoy, recently weighed in on the prospects of Cardano (ADA) in this bull season, suggesting that ADA could reach $5.

However, Armstrong also expressed serious doubts regarding the platform’s long-term sustainability, citing concerns about its growth potential and increasing competition within the blockchain ecosystem.

While acknowledging the recent surge in ADA’s price, Armstrong noted that investors are likely to see gains. However, he cautioned that Cardano may not offer the same high returns possible in other projects like Render or Internet Computer (ICP).

“People holding ADA are going to make money, just not as much as they would with other coins,” Armstrong remarked.

Notably, Cardano made headlines earlier this week when it attempted to break its yearly high. For context, ADA traded as low as $0.3214 on November 4, but just one week later, it was trading in the $0.50 range.

The momentum continued, and ADA eventually broke a seven-month high, reaching $0.65 — a 102% increase from the November 4 low.

Despite this comeback, Armstrong maintained his long-standing pessimism about Cardano. In his latest comments, he referred to Cardano as “a dying platform” with an uncertain timeline for decline.

BitBoy Insists Cardano, Polkadot, and Ethereum are “Dying Platforms”

When comparing Cardano to other blockchain platforms, Armstrong also voiced skepticism about Polkadot (DOT), calling it “Dead on Arrival.”

He criticized Polkadot’s growth model, labeling its past hype unsustainable and suggesting that the platform’s initial surge was a little more than a “pump and dump” scheme.

Armstrong also scrutinized Ethereum (ETH). While he predicted its longevity among institutions, he speculated that it might lose its appeal to retail investors.

Armstrong even suggested that XRP could eventually surpass Ethereum in market value, pointing out the lack of retail-focused decentralized application (dApp) development on the Ethereum network.

Cardano May Still Hit $5 — BitBoy

Despite his critical view on Cardano’s future, Armstrong did leave room for optimism, stating that ADA could hit the $5 mark in the short term. He estimated a likely top between $2.50 and $3.50 but didn’t rule out the possibility of a higher peak if market momentum continues. 

“We’ll have to wait and see,” he concluded, leaving ADA investors with both a warning and a glimpse of potential upside in the months ahead.

Market Expert Suggests Bitcoin Typically Has 385 Days of Uptrend, But Currently in Week 2

Sam Wisdom Raphael
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According to a market analyst, the recent Bitcoin rally on the back of favorable political outcomes in the U.S. shows potential to reach even greater heights. 

Following Donald Trump’s victory and the election of a largely pro-crypto Congress earlier in the month, Bitcoin saw an immediate price surge, reaching a new all-time high of $76,481 following the vote counting exercise. 

Since then, the price has continued to climb, breaking above $80,000 on Nov. 10 and then surpassing the $90,000 mark on Nov. 12. Its latest peak of $93,483 occurred yesterday. Following a pullback from the $93K top, Bitcoin currently trades around $90,836, marking a 32% increase since the election.

Despite this impressive growth, prominent market analyst Rekt Capital suggests that the current rally is just beginning. According to Rekt Capital, Bitcoin could be entering a “parabolic upside” phase, which historically lasts up to 385 days. 

He points out that Bitcoin is only in the second week of this phase, suggesting there may still be significant room for further gains.

Historical Uptrend Cycles

An accompanying chart confirms that Bitcoin’s long-term cycles display recurring uptrend phases following market downturns. The chart highlights specific points from previous bullish cycles in 2016 and 2020, along with the current one in 2024, to support his analysis.

Bitcoin 1M Chart Rekt Capital
Bitcoin 1M Chart | Rekt Capital

In 2016, Bitcoin entered a phase that lasted 518 days from July, with a volume of 5.4 million BTC. Within this phase, it began its parabolic bull uptrend in April 2017 until March of that year, reaching a peak of $19,666 after 244 days of an upward rally.

A similar pattern occurred in 2020. Bitcoin entered its next phase from May 2020, lasting 517 days with a volume of 4.889 million BTC tokens. This phase’s parabolic uptrend began in December 2020 and persisted until November 2021, when BTC reached the previous $69,000 all-time high.

Bitcoin Rally Could Last Until Late 2025

The latest chart section shows the ongoing cycle in 2024, with the same structures popping up. The analyst asserts that, based on historical data, this parabolic phase could extend up to 385 days, though it typically averages around 300 days. 

If the analyst’s projections materialize, this could just be the beginning of a massive rally that may last well into 2025. Market veteran Mile Deutscher also believes Bitcoin’s rally is in the early stages, predicting a possible top around Q3 2025. 

In addition, VanEck’s digital asset research head, Matthew Sigel, expects Bitcoin to double its price to $180,000 within this cycle. He also insists that the latest uptrend has just began, with more upside potential.

Analyst Predicts XRP Price if Cardano is Able to Reach $1.89 

Abdulkarim Abdulwahab
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Analyst Predicts XRP Price if Cardano is Able to Reach $1.89 

An analyst predicts XRP could surge by nearly 400% if Cardano (ADA) reclaims the $1.89 price level amid the ongoing bull run.

The crypto bull market is intensifying as the new week begins, with top altcoins like XRP and Cardano (ADA) showing impressive price gains. Remarkably, both assets have successfully recaptured the long-lost $0.60 level.

XRP and Cardano Price Movement

XRP hit an intraday peak of $0.6160 on Sunday, which is approximately 25% up from the $0.50 level it traded last week. Notably, XRP was last seen around the $0.61 mark six weeks ago.

Meanwhile, Cardano has rallied even stronger than XRP. Today, ADA touched $0.6523 for the first time in seven months. Notably, ADA’s comeback saw it surge by 51% from a low of $0.4327 to $0.6523 in one day. Meanwhile, XRP’s intraday gain was 12%, rising from $0.5188 to $0.6160.

This price surge in both altcoins follows Bitcoin’s recent all-time high above $80,000, fueling the market’s growing intensity.

Until now, XRP and ADA had been laggards, showing minimal movement in the bull market, leading some critics to label both assets as “dead.” However, the tide is now turning as both coins reclaim multi-week highs.

Now, market analysts believe there’s still more upside potential for these assets, despite the recent explosive gains, with some issuing bold price targets.

Outlook for Cardano 

In a recent post on X, a market commentator with the username “Cryptohodlpod” shared his price targets for prominent assets like XRP, ADA, and Bitcoin.

For Bitcoin, he proposed a target of $170K, which represents an additional $90K increase from its current price—a 112.5% gain. Notably, the analyst also suggested ADA could rally to $1.89.

He identified $1.89 as the most promising price target for Cardano this cycle. While still far from ADA’s previous all-time high, this would represent an 83% gain from its current price of $0.65.

XRP Price if ADA Reaches $1.89

As for XRP, the analyst suggested that if ADA reaches $1.89, XRP could peak at $3.01 this cycle. From the current price of $0.61, this would represent a massive 393% upside for XRP. However, even with this surge, XRP would still be well below its all-time high of $3.84.

While this analyst has proposed a conservative outlook for both Cardano and XRP, other market watchers have issued more optimistic predictions. For instance, analyst Ali Martinez has suggested that ADA could hit $7 to $10 in this cycle. 

At the same time, several other analysts have suggested similar bullish targets for XRP, which they view as realistic given the current market conditions.

VanEck Sets New Bitcoin Target of $180K, Says BTC Rally Just Getting Started

Lele Jima
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VanEck Sets New Bitcoin Target of $180K, Says BTC Rally Just Getting Started

Matthew Sigel, the Head of Digital Asset Research at VanEck, remains optimistic about the price trajectory of Bitcoin, suggesting that BTC’s rally is just getting started. 

Sigel made the assertion during an interview on CNBC. Notably, he expressed his view about the future price action of the world’s largest cryptocurrency. 

 

Yesterday, Bitcoin crossed the $90,000 mark to set an all-time high (ATH) of $93,434. Bitcoin plunged below the $90,000 mark shortly after the rally, with many investors speculating that the asset’s uptrend might end soon. 

Bitcoin Is Just Getting Started  

However, Sigel believes that the Bitcoin rally is just getting started, forecasting that the top asset would make repeated all-time highs over the next two quarters. He mentioned that Bitcoin’s latest price action is similar to what happened in the 2020/2021 market cycle. 

Sigel noted that the price of Bitcoin doubled in 2020 between the period of the U.S. presidential election and year-end. According to him, Bitcoin only saw 6-10% corrections within that period, which he referred to as an expected move. 

Similarly, the VanEck executive noted that Bitcoin is replicating its 2020 pattern, which began with a surge after the election. He pointed out that Bitcoin has already surged 30% since the election, reinforcing the idea that BTC is just getting started. 

Factors Backing Sigel’s Forecast 

His confidence stems from the company’s unique technical indicators, which confirm that Bitcoin is expected to continue its bullish streak. 

He also mentioned an imminent change in government sentiment toward Bitcoin. According to him, the Trump-led cabinet has several pro-Bitcoin officials, ranging from the Vice president to the National Security Adviser. 

VanEck Sets New Bitcoin Price Target

Following the bullish momentum surrounding Bitcoin, Sigel projected that it would trade at $180,000 by the end of this cycle. He expects this prediction to play out by next year. 

Hitting the $180,000 target requires Bitcoin’s price to surge by 97.08% from its current value of $91,331. The $180,000 target marks the latest prediction VanEck has issued for the world’s largest cryptocurrency.

On behalf of VanEck, Sigel has set various targets for Bitcoin. Last month, he projected that Bitcoin could trade at $3 million per token by 2050, with a 16% annual compounded growth rate. 

Dogecoin to $1: Analyst Maps Out Key Resistance and Support Points

Elendu Benedict
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Market analyst Trading Jesus has asserted that Dogecoin is on its path to $1, highlighting the meme coin’s potential resistance and support levels.

Dogecoin’s bullish upsurge has halted at a major resistance on two occasions. The largest meme coin by market cap was held back at the supply zone around $0.44, facing downward pressure on Tuesday and Wednesday.

Before then, the dog-themed meme coin was on a bullish free run, crossing multi-year price levels. DOGE is up 104% and 247% in the past week and month, boosting its market cap to $57 billion.

Amidst the correction, which market experts forewarned, analyst Trading Jesus has asserted that Dogecoin is on its path to $1 before the end of 2024. In a Thursday analysis, the commentator highlighted possible levels to watch as the meme coin aims to attain a dollar value.

Trading Jesus Provides Levels to Watch

Trading Jesus’s TradingView analysis shows that Dogecoin will attain $1 by year-end. In an accompanying 1H DOGE chart, the analyst highlighted price zones to watch during the highly anticipated upswing.

Dogecoin To $1 NEW 1112
Dogecoin To $1, Image Source: Trading View: https://www.tradingview.com/chart/DOGEUSDT/BmGXAz6I-DOGE-COIN-TARGET-2024/

The market commentator noted that Dogecoin has supports at $0.34, $0.25, and $0.18. Notably, the $0.34 local demand zone was DOGE’s major resistance before it broke through it two days ago.

Meanwhile, Dogecoin has flipped the $0.34 zone to support and has sustainably held above the price level despite facing selling pressure from its next resistance. Trading Jesus argues that Dogecoin will break past the $0.44 resistance if it continues to hold the demand zone.

Furthermore, the market analyst asserted that a break above the current resistance will push Dogecoin by 27% to $0.56. The meme coin would further appreciate another 31% to $0.7336 before ultimately trading at $1.

Dogecoin Analysis

The 4-hour chart shows the meme coin is gaining bearish momentum. DOGE’s relative strength index (RSI) trades at 63.14, trending close to the overbought zone.

Also, the MACD indicator has flipped bearish after a crossover, with the MACD line at 0.03477 and the signal line at 0.03940. The two lines have begun widening, signaling that the bearish momentum might prevail for some time.

Dogecoin Analysis
Dogecoin Analysis

At the time of writing, DOGE trades at $0.3917, up less than 1% in the past 24 hours.

The Bhutan Government Moves 367 Bitcoin to Binance

Elendu Benedict
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The Bhutan Government Moves 367 Bitcoin to Binance

The Royal Government of Bhutan has sent 367 bitcoins, worth $33.51 million, to Binance, the leading crypto exchange by trading volume.

In a Thursday transaction, the fourth-largest Bitcoin-holding government sent 367 BTC, valued at $33.51 million, to a Binance Deposit address. Data from Lookonchain shows that the possible sale happened by 12:06 (UTC) today.

Bhutan sold the portion of its billion-dollar Bitcoin stash at an average cost of $91,242 per coin, incurring a transaction cost of 0.00130176 BTC ($118.76). Meanwhile, the nation still holds 12,573 BTC after the Thursday transaction, worth $1.15 billion.

Second Sales in Recent Memory

Notably, the Bhutan government has been busy on the selling front recently. The November 14 367 BTC sales came a few weeks after a similar sale. On October 29, the wallet tied to Bhutan sent 935 BTC over two transactions to the Binance Deposit address.

Bhutan sent 102.78 BTC ($7.31 million) to Binance by 09:09 (UTC) before transferring 832.25 BTC ($59.24 million) a few minutes later. Notably, the combined transaction was worth $66.55 million.

Meanwhile, the late October sale was its first in almost four months. Bhutan’s last substantial sale before the recent Bitcoin dump was on July 1, when it moved 394 BTC ($24.9 million) to Kraken.

Crypto Community Reacts

Meanwhile, the Bhutan government sale sparked speculation among the crypto community, which was skeptical of the transaction. For instance, a user asked why they were not selling Bitcoin over the counter rather than dumping it in the open market.

Another faction told the Bhutan government to draw lessons from the German government. For context, the Germans dumped their seized 50,000 BTC in July, when the asset was trading at $54,000. Following the recent price explosion, they missed a profit surpassing $1.7 billion.

In the meantime, Bitcoin continues to hold above $90,000, registering an under 2% uptick in the past 24 hours.

BlackRock Bitcoin ETF Sees Record-breaking $5B Turnover Amid BTC All-Time High Surge

Albert Brown
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BlackRock Bitcoin ETF Sees Record-breaking $5B Turnover Amid BTC All-Time High Surge

BlackRock’s Bitcoin ETF has seen a record-breaking single-day turnover of $5 billion amid Bitcoin’s ongoing spectacular price rallies.

Bitcoin reached a new all-time high on November 13, hitting $93,477 during late trading. This milestone was accompanied by unprecedented activity in the Bitcoin exchange-traded funds (ETFs) market.

In a post on X, Bloomberg analyst Eric Balchunas revealed that the iShares Bitcoin Trust (IBIT), managed by BlackRock, recorded a $5 billion daily trading volume on Wednesday, surpassing its previous record. 

Balchunas noted that only three other ETFs and eight individual stocks saw higher volumes on that day. Over a three-day period, IBIT amassed $13 billion in trading activity, signaling a substantial rise in investor interest.

Image
BlackRock historical chart showing trading volume since inception

Other Bitcoin ETFs, such as Fidelity’s FBTC, also saw notable increases in trading volumes, though on a smaller scale.

Meanwhile, the broader Bitcoin ecosystem has also experienced a surge, with weekly trading volumes hitting $110 billion — an all-time record — with two days still remaining in the trading week.

Spot-Driven Rally and Record Weekly Volumes

The surge in ETF volumes has been attributed to a spot-driven rally, with data showing a muted increase in CME open interest. 

Santiment also highlighted that Bitcoin’s seven largest ETFs collectively saw $8.21 billion in trading volume on November 13, the highest since the March 14 peak when Bitcoin reached $73,700.

According to Santiment, this heightened activity reflects a strong polarity between buyers and sellers. It noted that the current peak may represent a temporary top if historical patterns hold.

Image

BlackRock ETF Leads Inflows 

In terms of inflows, BlackRock’s ETF continued to dominate. On November 12, it attracted $778.3 million, significantly outpacing its peers. The following day, IBIT added another $230.8 million. In comparison, Fidelity’s FBTC saw $37.2 million in inflows on November 12 and $186.1 million on November 13. 

Other ETFs, including Bitwise’s BITB and ARK’s ARKB, reported smaller inflows over the same period. Year-to-date inflow data shows IBIT leading with $29.15 billion, followed by FBTC at $11.12 billion. 

Goldman Sachs’ Exposure to BlackRock Bitcoin ETF

In related news, Goldman Sachs has emerged as a significant player in the Bitcoin ETF market. According to recent SEC filings, the bank holds approximately $418.65 million in Bitcoin ETFs. Its largest position is in IBIT, where it owns nearly 7 million shares valued at $238.6 million. 

The bank also reported holdings in several other Bitcoin ETFs, including Fidelity’s Wise Origin Bitcoin Fund and Invesco’s Galaxy Bitcoin ETF. Collectively, these investments underscore Goldman Sachs’ broad-based approach to Bitcoin exposure. Smaller positions in ETFs such as the WisdomTree Bitcoin Fund and ARK’s 21Shares Bitcoin ETF further diversify its portfolio.

Will FLOKI Latest Break Above $0.00020 Lead to a Record High?

Albert Brown
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Will FLOKI Latest Break Above $0.00020 Lead to a Record High?

With a breakout rally struggling to gain momentum, can Floki break through and set a new all-time high in this bull run?

As the broader market recovers, the memecoin sector is seeing strong performers, with Floki standing out. The token’s price action indicates a bullish recovery, pushing it above the key $0.00020 psychological level.

However, the rally hits a roadblock as it approaches $0.00025. Does this mean we will see a retest of $0.00020 before Floki attempts a new all-time high?

Floki Price Analysis

Starting from the $0.000117 mark, FLOKI has increased by 111% over the past 10 days. FLOKI currently trades at $0.00023621 with a minor intraday gain of 0.50%. This reveals a doji candle in making as it faces higher price rejection from the $0.00024985. 

FLOKI Price Chart
FLOKI Price Chart

Floki’s price action reveals nine bullish candles over the past ten trading days as the buying pressure grows. This has increased the chances of a golden crossover between the 50-day and 200-day simple moving average lines. 

Furthermore, the rising histograms in the MACD indicator lead to a positive trend in the average line. Thus, the technical indicators remain optimistic about the future Floki price trend. 

Valhalla Partners with Dubai Mall of the Emirates

Floki’s sentiment received a boost thanks to a new partnership between Valhalla Gaming and the Dubai Mall of the Emirates, which led to an 11.44% price spike yesterday.

As part of the deal, Valhalla’s branding will be showcased across 93 screens in the Dubai Mall from November 15 to December 12. This campaign aims to promote Valhalla Gaming and increase adoption in the UAE.

Moreover, the team has teased a significant marketing announcement scheduled for 6 PM UTC on November 14.

Will Floki Price Cross $0.00032?

The formation of a doji candle suggests a potential halt in the current bullish momentum, signaling a possible evening star pattern. This could lead to a retest of the $0.00020 psychological mark.

However, the recent breakout of the psychological mark reveals a change of character for Floki’s price trend. Hence, a post-retest reversal for Floki will likely result in a new all-time high above $0.0003487. 

Based on the price action analysis, the supply zone ranging from $0.0002986 to $0.000322 could result in a minor sideways shift. Using the Fibonacci levels, the price targets above the current all-time high are $0.00044 and $0.00064 or the 1.272 or 1.618 Fibonacci levels, respectively. 

Galaxy Digital’s Mike Novogratz Says Bitcoin Going to $800,000 in 5-10 Years

Elendu Benedict
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Galaxy Digital’s Mike Novogratz Says Bitcoin Going to $800,000 in 5-10 Years

Galaxy Digital founder and CEO Mike Novogratz has asserted that Bitcoin would hit $800,000 in five to ten years, citing gold’s correlation.

In an interview with Bloomberg, Novogratz became the latest to argue that Bitcoin would hit gold’s market cap. He noted that Bitcoin would trade at $800,000 in the next five to ten years, matching gold’s current $16 trillion valuation.

Novogratz cited a shift in market interest among the emerging generation. He stated that the next generation of investors are more attracted to Bitcoin, which they perceive as a digital store of value, over gold.

The Bitcoin-gold comparison has reached epic levels, with Novogratz becoming the latest to join the conversation. Famous market experts like Anthony Scaramucci and Howard Lutnick had earlier weighed in on the comparison, asserting that Bitcoin would someday trump the precious metal’s valuation.

Bitcoin Would Hit $500,000 on Reserve Fruition

Meanwhile, the Galaxy Digital CEO stated that Bitcoin would trade at $500,000 if the asset became part of the United States Treasury Reserve. He based the assertion on global traction for the pioneering cryptocurrency.

Novogratz insisted that the proposed US strategic acquisition of 1 million bitcoin as a reserve asset would force other countries to consider it, spurring pent-up demand. He noted that Donald Trump’s “Bitcoin President” label has attracted global interest toward the crypto firstborn and sees an amazing rally as demand surges.

A clear example of Trump’s influence on Bitcoin’s emerging global interest is a recent China Central TV (CCTV) report spotlighting the President-elect’s quest to create a US Bitcoin stockpile. The Chinese media aired the development last week as Bitcoin broke to new highs following Trump’s win.

Novogratz Express Doubt on Reserve Feasibility

While the buzz around the reserve intensifies, Novogratz noted it remains a “low probability.” He asserted that the bill may not pass Senate scrutiny even if the House approves it.

However, he urged the United States to acquire a little more Bitcoin, add to its existing stash, and front its “digital asset-first” bias. The CEO further insisted that the US does not need to back the dollar with any other asset.

Moreover, Novogratz stated that he “would not cry” if the reserve bill passes, as he is heavily invested in Bitcoin. He further reiterated his assertion that the asset would trade at $500,000 if this happened.

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