Top Crypto Analyst Says Ethereum Rival Signals Bullish Signal, Updates Bitcoin Outlook
A widely-regarded crypto strategist and trader is voicing his bullish sentiment on a major Ethereum (ETH) rival.
Pseudonymous analyst Pentoshi is telling his 697,200 Twitter followers that Solana (SOL) is looking bullish as it appears to have broken its horizontal and diagonal resistance and is converging around $20.
The analyst also says the Ethereum competitor is also looking strong against Bitcoin (SOL/BTC) and Ethereum (SOL/ETH).
“SOL: Suddenly there are some pretty encouraging signs of life in BTC and ETH pairs, as well as a possible divergence and trendline break in the US Dollar.
This is one that I plan to buy heavily this year and is one of my strongest conviction bets for the bull market whenever it comes.”
Source: Pentoshi/Twitter
Pentoshi also shares a chart of SOL/BTC showing that the pair appears to have created a potential double bottom reversal structure on the daily chart.
Source: Pentoshi/Twitter
Solana is trading at $21.62 at the time of writing, up over 6% in the last 24 hours.
Looking ahead to Bitcoin, the analyst says he’s waiting for buy-the-dip opportunities for BTC and believes the exchange-traded fund (ETF) narrative will propel the crypto king to higher levels.
“I will buy on dips because I just believe the price will be higher the closer we get to the ETF date as people speculate on the billions of dollars inflow. Whether that’s right or wrong will be the narrative, I think.
Sellers win small battles, but buyers won the war this year.”
Pentoshi also says he is targeting $26,600 as a potential accumulation zone for BTC.
“I’m not going to fool around in the middle. The dip I want to buy is in the gray box [around $26,600]. The next area I want to sell is the magnet [around $32,400].
We’ve been long and strong since $26,600. I’m trying to capture the essence of the move.”
Source: Pentoshi/Twitter
Bitcoin is trading at $30,114 at the time of writing.
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