A popular crypto analystsays relief rallies could help an Ethereum-rival altcoin rise over 100 percent in the next few months.
A trader known by the pentoshi alias has 586,800 Twitter followers. Solana’s (LEFT) He says that if it exceeds the $42 level, it can go up to $80.
Such an increase represents a 110 percent gain over SOL’s current price of $38.
“If SOL coin can go above $42 (still has a long way to go) I believe it will see $58-60 THEN. Maybe even 80, but this rise will happen one level at a time.
I believe it will recover and reach at least these levels before the end of the month.”
Regardless of any major relief rally, Pentoshi says SOL is still facing solid resistance at $140 and will not hit all-time highs unless this level is broken.
The news is not so good for Cardano
Pentoshi also uses its radar Cardano (ADA) and the trader claims that the popular ETH rival is not quite ready for the rallies yet.
The closely-followed analyst cites his January prediction that ADA will drop to $0.51 by the end of this year. The analyst says this estimate may be much more optimistic than it should be:
“I was very optimistic, the 0.36 level seems possible in the near future.”
I was too bullish, .36 seems like near future https://t.co/mbrD9a3tcX
— Pentoshi 🐧 (@Pentosh1) July 13, 2022
The analyst also claims that Cardano is one of the few altcoins from consolidation zones that show a classic bullish trend.
“One thing to note, some altcoins like ADA are experiencing new breakouts after consolidating in this range.”
As for Bitcoin (BTC), the analyst tells his followers that the flagship cryptocurrency is trading within a narrow range and may be stuck there in the near future.
“BTC has been here for a month
It actually experienced some really good volatility in this range.
However, this will not be the case in the long run. Make the most of this and the next exit (whatever the direction) because that may be the only volatility we will face for a while.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.