The recent surge in Bitcoin’s price above $100,000 has been attributed to inflation data by the co-founders of Glassnode, Jan Happel and Yann Allemann. According to them, the meeting of expectations regarding inflation data has propelled Bitcoin to new heights. Currently trading at $101,604, Bitcoin has seen a 7% increase in the last two weeks.
Looking ahead, the next steps for Bitcoin include flipping $102,000 into support, breaking the price compression below this zone. A loss of $100,000 could lead to a retest of the $97,200–$98,500 support level, aligning with the lower end of the ascending channel. A daily close above $102,000 sets sights on $104,000, with the eventual target being the upper channel at $108,000.
On the other hand, the co-founders also see potential for a major rally in Solana (SOL), a top Ethereum rival. Currently priced at $230, SOL is up 0.3% on the day. Happel and Allemann believe that SOL is eyeing a breakout, with a potential target of the previous high of $264 if it surpasses $235 on a daily timeframe. They point out that the daily RSI is neutral, indicating that there is room for a move higher. Additionally, they suggest keeping an eye on ecosystem tokens JUP and WIF for potential momentum.
In conclusion, both Bitcoin and Solana are showing signs of bullish momentum, with the potential for further price increases in the near future. Investors and traders are advised to closely monitor the price action and key signals to capitalize on these opportunities. Stay updated with the latest developments by subscribing to email alerts and following relevant social media channels for timely updates.