A widely followed crypto strategist has announced that he expects a bullish run in an altcoin dubbed Ethereum (ETH) rival.
The analyst, using the pentoshi alias, thinks that Solana (SOL) is showing a bullish trend as it breaks the horizontal and diagonal resistance points. According to Pentoshi’s analysis, Solana’s breakout of the converging resistance levels around $20 could be interpreted as a strong bullish signal. With this level exceeded, the price of SOL is expected to increase and attract the attention of investors.
The analyst also noted that the altcoin looks strong against Bitcoin (SOL/BTC) and Ethereum (SOL/ETH). argues.
“LEFT: suddenly BTC and ETH pairs are showing some very promising signs of life, there is also a potential divergence and trendline break in the dollar trading pair.
This altcoin is something I plan to buy heavily this year and is one of my strongest bets for a bull run whenever it happens.”
Pentoshi also showed that a reversal pattern has formed a double bottom on the SOL/BTC trading pair chart. A double bottom pattern usually appears at the end of a downtrend and signals that the price is going to go up.
Solana is trading at $22.18, up over 13% in the last 24 hours.
Apart from analyst Solana, he also examined the leading cryptocurrency Bitcoin and argued that the exchange-traded fund (ETF) narrative would push BTC higher.
“I will buy at any dip because I believe the price will rise as we get closer to the ETF date, as people speculate about billions of dollars in flows.
That’s right or wrong, I think that’s going to be the narrative. Sellers win the little wars, but this year the buyers will win the war.”
Pentoshi also said that it is following the $26,600 level as a potential accumulation zone for BTC.
“The bottom I want to buy is in the gray box [yaklaşık 26.600 dolar]. The next area I want to sell is where the magnet is [yaklaşık 32.400 dolar].
I’ve been long since $26,600 and we’re strong. I try to capture the essence of the movement.”
Finally, at press time, the leading cryptocurrency Bitcoin is trading at $ 30,252.
You can follow the current price action here.