Crypto Strategist Says Ethereum Rival Prepares for Launch, with Bitcoin (BTC) Likely to Bottom
A closely followed crypto analyst is forecasting a surge for a popular challenger to Ethereum (ETH), while saying Bitcoin (BTC) may already have bottomed this cycle.
Pseudonymous analyst Cantering Clark tells his 142,300 Twitter followers that smart contract platform Solana (SOL) is preparing for a move that could trigger a strong rally from current prices.
“Just look at the table. SOL looks like it will consolidate against resistance and compress to fly… This daily [chart] looks good, and we didn’t see nearly as much mean reversion as I would expect. SOL.”
Source: Cantering Clark/Twitter
Looking at the analyst charts, it appears that the next major resistance for Solana is around $75. At the time of writing, SOL is exchanging hands for $46.98, which Cantering Clark says indicates nearly 60% upside potential for the Ethereum competitor.
As for Bitcoin, the trader posits that BTC, which revisits its 2017 bull market high around $20,000 and holds it as support on the weekly timeframe, could be a suitable bottom signal.
“People, is it possible Bitcoin was really that simple?
Everyone talks about a drawdown that should match previous drawdowns, but ignores the fact that the recent bull market has been less intense than the previous ones.
We kind of got back to a good historical mean.”
Cantering Clark points out that Bitcoin is up over 11,000% from the bottom during the 2017 bull market. Meanwhile, Bitcoin posted gains of less than 2,000% in the 2021 bull market.
“Eyes have problems?”
The crypto analyst also warns traders planning to short Bitcoin due to its relative underperformance over the past few weeks.
“Bitcoin is very boring and gives the impression of weakness.
‘Never empty a boring market.’
Kind of reminds me of the structure of 2020 after the March lows.”
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/GrandeDuc/Fotomay
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.