Correctly predicting the end of last year’s bull run, Pentoshi predicts significant price increases for the 2 cryptocurrencies in the short term.
According to Pentoshi, these 2 cryptocurrencies will take big leaps
Cryptocurrencies on Pentoshi’s list are Bitcoin (BTC) and Solana (SOL). After almost a year, the analyst is no longer bearish in Bitcoin. The popular Twitter analyst explains to his 612,000 Twitter followers why:
It’s hard to change the bias after 10 months of failure, but I think it can happen in the next two months. I’m also a person with a high time frame bias. That’s why he focused on larger timeframes. I have reasons for this.
Pentoshi says that the diagonal resistance that has kept Bitcoin in a downtrend since November last year is about to break. The analyst now expects a breakout rally towards $26,721. Bitcoin is currently trading around $19,095.25. The leading cryptocurrency has the potential to rise more than 40% if it moves towards Pentoshi’s target.
Pentoshi expects these levels in Solana price
Pentoshi expects Solana (SOL), an Ethereum competitor and smart contract platform, to rise with Bitcoin. The analyst says that he has been trying to take a position at $ 32.26 in the last days. Pentoshi expects a trip from this region towards $37. The analyst, who thinks that the current levels are the bottom, bases his short-term comfort on the empty Fed meeting calendar:
No FOMC (Federal Open Market Committee) or earnings until November. Fed terminal rates at 4.6% (maximum pricing after increasing from 0 to 4.6%). Imagine if we could get bored. Markets all in high timeframe support, first test of early June lows, ie now or never.
Solana price analysis
Solana (SOL), dollar and $30 support stuck. Thus, it indicates a state of equilibrium between buyers and sellers. Most analysts expect uncertainty to settle imminently. The bears will try to take control by pushing the price below $30. If this happens, SOL will test the price to strong support at $26. Bulls need to defend this level aggressively. Because if this support is broken, there is a possibility that the SOL price will drop to $20 with panic selling.
On the other hand, buyers will need to push the price above the moving averages and overhead resistance at $39 to invalidate this negative sentiment in the short term. If successful, the SOL will then head towards $48 accompanied by a strong bull run. The 9th largest cryptocurrency by market cap, it is currently trading at $33.88. It’s been stable compared to last week and the last 24 hours.
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