As Bitcoin ($BTC) broke its all-time high, in anticipation of Trump’s election victory, some of the major altcoins started to outperform. Ethereum ($ETH), Solana ($SOL), and Sui ($SUI) are among the top movers.
With $BTC up around 7% so far on Wednesday, having surged all morning due to Donald Trump’s huge election victory, this has provided a spark to the altcoins, and specifically to the main layer one networks of Ethereum, Solana, and Sui.
$ETH about to turn the corner?
Source: TradingView
The $ETH price (ETH/USD) is up more than 8% on the day so far, which is very competitive compared to most of the major movers among the top altcoins by market capitalization.
Could this now be the time when Ethereum turns that corner and starts to make up a vast amount of lost ground against Bitcoin? If this is to be the case, the $ETH price needs to break the downtrend which has been ongoing not only against $BTC, but also against its dollar pair.
As can be seen in the daily chart above, the $2,350 horizontal level has been reliable support. Having retested this support once again on Monday, Wednesday’s surge might help the price towards the descending trendline, and with a break here, potentially up to the very important resistance at $2,800, which coincides with the 0.382 Fibonacci level.
$SOL breaks through descending trendline
Source: TradingView
The $SOL price (SOL/USD) has been outperforming the vast majority of altcoins over recent days, and this has continued into Wednesday, where $SOL is up more than 12% on the day so far.
In the daily chart above, it is evident just how perfectly the price has continued to touch the 0.786 Fibonacci level at $188.60. The latest test of this level has taken the price through the descending trendline, and it might be expected that the price could now hold above.
Looking further out for $SOL, the next major price level is at $202. If $SOL bulls can push the price above this important horizontal resistance, the final push to the all-time high at $260 can commence.
$SUI about to break out of cup and handle pattern
Source: TradingView
The daily chart for the $SUI price does look rather exciting. $SUI is up around 14% for the day, and this might be expected, given that it has by far the smallest market cap of the three layer ones mentioned in this article.
Wednesday’s big surge has taken $SUI to the brink of what looks like a perfect cup and handle chart pattern. If the price can break through the neckline at around $2.35, the measured move for this chart pattern would be to $4.16.
Before $SUI might reach this level, it will first look to break through the 1.618 Fibonacci at $3.25. Well above this, as a more inspirational target, is the 2.618 Fibonacci at just under $5. That said, it would not be a surprise if $SUI were to reach and surpass this level by the end of this crypto bull market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
