Ethereum Rebound and BitMine Purchase Fuels Bullish Prediction, Solana Eyes Major Recovery With Rare Bullish Formation

The Ethereum price recorded a mild weekend rebound to rise above $2,800 from its $2,620 low. Tom Lee’s BitMine has also bought $82.11 million worth of Ethereum, fueling predictions from experts that $ETH has bottomed and could begin its uptrend soon.

Similarly, the Solana price jumped above $130 during the weekend recovery. However, while $SOL is still down by 49% from its September high, Santiment has reported the formation of a unique bullish divergence that could lead to a major $SOL price pump.

Ethereum Rebounds, Purchases Could Fuel Price Recovery

As the crypto market suffered a sell-off, the price of Ethereum dropped as low as $2,620. However, ETH saw a brief recovery over the weekend, rising back above $2,800. Along with the rebound, there have been some notable ETH purchases that suggest that bullish momentum could be returning to the market.

Tom Lee’s company BitMine has made headlines, adding 28,625 ETH, worth about $82.11 million, to its treasury, showing strong confidence in Ethereum despite recent market dips. 

In addition to BitMine’s “buying the fear” moment, CryptoQuant’s data shows that the $ETH balance on exchanges has been steadily declining. Over the past few days, over 2 million $ETH have been withdrawn from exchanges, a bullish on-chain metric that often signals bullish intent from investors. 

With the increasing purchases, the crypto analyst Aman explains that the rising support shows bulls are stepping up. With $ETH locking in an ascending triangle pattern, Aman predicts that with the building bullish pressure, ETH could rally above $3,200 with a resistance area at $3,050.

Institutional Interest Drives Solana Back to $130, Eyes Major Breakout

After plunging by 49% from its September high, Solana has staged a V-shaped recovery since November 11. The Solana recovery has been fueled by rising institutional inflows. In the first 18 days of its inflows, the spot Solana ETF has crossed $500 million.

Despite the price plunge over the last three weeks, Solana ETFs have not recorded a single day of outflows, while Bitcoin and Ethereum saw record outflows. This trend, highlighted by Lark Davis, shows the sustained allocation trend that Solana has received from institutional investors.

In addition, Santiment has reported that there has been an increase in Solana’s address activity. The on-chain activity on the Solana network has surged to a new 10-week high. There has also been an increase in the creation of new SOL wallets, further confirming that a price increase could be around the corner. 

Santiment also explains that there is now the formation of a unique bullish divergence on the Solana chart. Santiment explained that the increasing SOL activity in spite of declining prices might foreshadow a price reversal in what it called an “eventual strong turnaround.”

Moonbag is one of the top analysts who holds a very bullish outlook about Solana. According to the chart that Moonbag shared, Solana has formed a cup and handle pattern on the 1D price chart, which could lead to a rally towards $459.