- A reputable crypto trader has forecasted a major rally for Solana, pinpointing $32 as the critical resistance level for an impending breakout.
- Ethereum also shows signs of a bullish trend, with the crypto expert highlighting its recovery and formation of a higher low pattern.
In the dynamic world of cryptocurrencies, a top trader, recognized for accurately predicting Bitcoin’s bear market bottom in 2018, has turned the spotlight onto Solana (SOL). With a considerable following of 225,200 on the social media platform X, the pseudonymous analyst Bluntz is making waves with his optimistic outlook on Solana’s potential breakout.
Solana: Poised for a Rally
The anticipation is palpable as Bluntz shares his analysis on Solana’s price action, especially when viewed against Bitcoin (SOL/BTC) and the US dollar.
“Very impressed with SOL price action this week,”
he notes, highlighting today’s movement as a probable breakout on the BTC pair. He adds,
“It’s looking like a whole year of accumulation on not just USD but SOL/BTC is close to coming to an end.”
Bluntz underscores the critical resistance level of $32 for Solana, a mere 20% increase from its current position, yet laden with potential for significant gains. He asserts,
“Once it breaks $32, the floodgates get unleashed.”
At the time of writing, Solana stands at $29.44 with SOL/BTC trading at 0.00098 BTC, displaying higher-low structures and surpassing a diagonal resistance, indicative of a bullish momentum.
Ethereum’s Promising Outlook
Bluntz extends his analysis to Ethereum (ETH), identifying a possible setup for a rally. He observes Ethereum’s resilience in maintaining support at $1,550 and forming a bullish higher-low setup, despite the ETH/BTC pair experiencing substantial pressure.
“ETH/BTC has been absolutely demolished lately but ETH/USD is not only well and truly back in the range it broke down from but has also put in a higher low in the process,”
Bluntz elucidates.
With Ethereum valued at $1,632 at the time of writing, the stage seems set for potential upward movement.
The market is attentively watching as these two major players in the cryptocurrency space, Solana and Ethereum, show signs of impending rallies. The insights provided by Bluntz, backed by his track record and in-depth analysis, offer a tantalizing glimpse into the possibilities that lie ahead in the volatile yet exhilarating world of cryptocurrencies.
