A recently released research report (titled: \u201cUp, Up and Away: October 2021 Market Recap & Outlook\u201d) from U.S.-based crypto exchange Kraken offer a recap of the most significant events that took place in the crypto market last month as well as price analysis for Bitcoin, Ethereum, and Solana.<\/p>\n
Here are a few highlights from Kraken\u2019s report:<\/p>\n
\u201cAlthough there\u2019s no telling where and when BTC may hit a market cycle top, one can look at BTC\u2019s upper Bollinger band (\u00b14.5 standard deviations) and 1-month RSI for insight. Historically, BTC\u2019s cycle tops have coincided with BTC hitting both its upper Bollinger band AND the 1-month Relative Strength Index (RSI) hitting a reading of 96.<\/em><\/p>\n \u201cAs of month-end, BTC\u2019s upper Bollinger band stood at $112K, and its 1M RSI resided at 71.7 (\u201coverbought\u201d). History suggests there is potential for technical upside.<\/em>\u201c<\/p>\n \u201cETH\u2019s remarkable +43% return in Oct. corresponded with the cryptoasset successful reclaiming band 5 of its Logarithmic Regression Rainbow after falling back below said support level in mid-Sept. and successfully bouncing off of it earlier in the month. Although ETH is trading above band 5 as of month-end, a backtest of said level is not out of the question either.<\/em><\/p>\n \u201cShould ETH continue to press higher and refrain from falling back down to band 5, the next big level of resistance that ETH might look to test next would be band 6 at roughly $6,500. With ETH having finished Oct. at $4,200, a test of said resistance level implies a 50% gain.<\/em><\/p>\n \u201cETH\u2019s rally was also accompanied by its dominance roaring +1.2 percentage points to a 1-month high of 19.2% as of month-end; be that as it may, ETH\u2019s dominance remains notably below the 20.1% reading it hit in May when the cryptoasset scored an all-time high of $4,380. This tells us that despite ETH\u2019s rally to a new all-time high, ETH commands a smaller market share than last time around and may have relatively weaker momentum compared to its peers.<\/em>\u201c<\/p>\n \u201cAfter climbing into the top 5 cryptoassets by market cap, SOL has continued to attract increasingly greater attention from new and existing market participants \u2013 especially institutions. With SOL appearing to remain in what could be deemed its third wave of \u2018price discovery,\u2019 the case could be made that SOL climbs meaningfully higher into the near year.<\/em><\/p>\nEthereum ($ETH)<\/h2>\n
Solana ($SOL)<\/h2>\n