Potential Bullish Patterns Emerge in Ether and Solana Charts

According to Cointelegraph, renowned technical analyst John Bollinger has identified potential bullish patterns in the charts of Ether (ETH) and Solana (SOL), suggesting a significant price movement could be on the horizon. Bollinger, known for inventing the Bollinger Bands volatility indicator, noted the emergence of potential 'W' bottoms in the charts of these cryptocurrencies. However, this pattern has yet to appear on the Bitcoin (BTC) chart. The 'W' bottom is a bullish reversal signal indicating possible upward price movement. Ether has experienced a double dip to $3,700 twice this month, showing signs of recovery, while Solana mirrored this pattern with a dip to $175 in October, followed by a minor rebound. Meanwhile, Bitcoin has undergone a major 'V' shaped dip, falling below $104,000 on Friday before recovering over the weekend. It is currently trading at the lower band of a range-bound channel that has been forming since mid-May when Bitcoin first broke into six figures. Analyst 'Satoshi Flipper' highlighted that the last time Bollinger advised paying attention was in July 2024, leading to a significant Bitcoin price surge from below $55,000 to over $100,000 in the following six months. This month, Bitcoin's Bollinger Bands have widened as volatility increased, following a record leverage flush last weekend. Analysts had anticipated this 'volatility storm' during the market lull in September. Despite Bitcoin's failure to break above the support-turned-resistance level at $108,000 since its recent dip, analysts remain optimistic that the market is not entering a bear phase. Analyst 'Sykodelic' emphasized that the market is still in an uptrend, using the 50-week simple moving average (SMA) as a key technical indicator. This SMA has been tagged four times since November, each time causing mass fear and panic selling, only for the price to rebound with strength and push higher. The repeated revisits to the 50-week SMA have triggered panic, but analysts maintain confidence in the market's resilience.