Goodbye “red September,” hello “Uptober”

As the bullish vibes return to the crypto market, traders are focusing on risk assets beyond Bitcoin, notably Ethereum and Solana, which both rose by 5% today.

Traditionally a punishing month, September ended with a 3.5% gain in total market cap, defying doomsayers. With October in, a month known as “Uptober” for its bullish performance, traders are searching for new positions.

Ethereum and Solana are the focus of speculation, both approaching record prices, but predictions vary on which will reach new highs first.

Prediction Markets

On Myriad, predictions indicate a 62% chance that Ethereum will hit $5,000 before dropping to $3,500. In contrast, Solana has only a 52.4% chance of reaching its all-time high by year-end, currently priced at $210.95, needing a significant surge.

Market Analysis

Ethereum’s Technical Setup

Ethereum shows promise with an RSI at 62, indicating strong momentum without being overbought. The ADX at 32 confirms an established trend, and the moving averages support a bullish outlook. Price action might see minor pullbacks before reaching its all-time high target of $4,954. Key support lies at $4,000 and strong support at $3,500.

Solana’s Technical Picture

Solana’s RSI at 59 indicates healthy buying pressure but a low ADX of 17 hints at potential trendlessness. Solana’s all-time high target is $295.11, with immediate support at $200.

The Verdict

Mathematically, Ethereum likely has the edge to reach its all-time high first due to a smaller percentage increase required and a stronger technical setup. However, Solana’s compressed volatility and potential ETF catalyst could alter its trajectory.

Disclaimer

The views expressed here are for informational purposes only and do not constitute financial or investment advice.