As the Bitcoin price is about to reach new highs every day, some altcoins have shown momentum and the ability to reach new highs. Solana has been one of the strongest cryptos in history, going from rags to the fourth largest token after Bitcoin, Ethereum and Tether. After breaking the bearish pattern it held for over seven months, SOL price is now poised to hit the final barrier before forming the new ATH close to $250.
Meanwhile, the bears have been stuck at the highs for more than a few years, raising concerns about an increase in selling pressure. However, current market dynamics do not support the bearish trajectory that suggests the token could rise past the ATH and discover new highs before the end of the month.
The SOL price has entered the final phase of the bull run that may occur after the completion of the parabolic recovery. The recovery from the 2023 lows marked the breaking point for the rally that continuously formed bull flags and later headed towards the next resistance. Currently, the price has broken above a major bull flag after multiple bullish attempts. Therefore, the token is expected to continue the trend and rise above the crucial resistance zone between $251 and $257.
The technical factors have turned in favor of the crypto, with the RSI close to the overbought zone, while the DMI continues the bullish trend. Therefore, a rise above $250 appears imminent, which could help the Solana (SOL) price rise to mark a new ATH around $275 to $280 this month.
Will Sui (SUI) Price Continue To New Highs?
Moreover, SUI price has launched a new bullish attack as the bears appear to be staying off course for a while. The increase in buying volume and pressure suggest that the token is expected to maintain a strong upward trend even after breaking the resistance of the ascending expansion channel. Now that the token has found new highs around $3.3, the next pit stop could be around $3.5, which may be just a matter of time.
The SUI price has seen a massive increase in volume, rising from sub-billion levels to $3.6 billion in just a few days. This huge influx of trading interest signals a potential price increase, which could push the price past the interim highs. However, the bears are not expected to hinder the progress of the rally, and therefore the SUI price rally is believed to follow market sentiment until the end of 2024.
