Crypto Daily 2025-05-14 11:12:54

Ethereum (ETH) and Solana (SOL) Bull Flag Breakouts: Trading Analysis

Two of the top layer 1s in Ethereum (ETH) and Solana (SOL) have recently broken out of bull flags. How will this impact their prices going forward? Total2 heading to $1.4 trillion Source: TradingView The first chart to look to see how altcoins are doing (minus $BTC) is the Total2 chart. A bull flag here gave a measured move for the combined market capitalization of the altcoins from $1.18 trillion, up to a target of $1.4 trillion. The current dip in price could just be to retest support levels, and this could even take the price back down to the top of the bull flag and the $1.22 support level to confirm them before going higher. $ETH bull flag target of $3,200 Source: TradingView $ETH has been on a rampage since breaking out of the descending trendline that began in mid-December 2024. A strong surge took the price up to the substantial resistance level at $2,500, where the price calmed, shot higher, and then began to form a bull flag. A short time later the price broke out again, but on Wednesday $ETH is coming back down, possibly to retest the bull flag, which also coincides with that $2,500 major support level. If the bull flag does play out fully, the measured move would take the price to $3,200, which is another strong resistance level. $4,100 is the last swing high target. $SOL bull flag measured move is to next major resistance ($202) Source: TradingView The $SOL price rallied up once it got above the $145 resistance level and flipped it into support. A bull flag formed and then broke out on Tuesday. However, the breakout has stalled on Wednesday, and the price has come down to test the important $180 level. If this is successful, and the level holds as support, the breakout surge can resume. The measured move for the bull flag is up to $202, which happens to be the next major resistance level. The $SOL price is working its way through the resistance levels, and although the all-time high is still some way off, it could arguably be reached before the end of this 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.