The former Goldman Sachs executive says he thinks there’s a good chance SOL “will do very well” if it takes out a recent high against ETH.
“SOL/ETH broke the channel and has corrected. Not yet clear if its going to outperform ETH yet but if it takes out recent high, chances are it will do very well.
In last 4 weeks I built a decent long SOL (and added more ETH) but SOL is much smaller but still significant.”
In terms of its price in dollars, Pal says SOL looks like it’s in an inverse head and shoulders formation, a technical analysis pattern that signals a large reversal in a downtrend.
“Definitely looks like an inverse head and shoulders on SOL…”
The pseudonymous trader known as Cantering Clark is also bullish on the Ethereum challenger. The analyst tells his 140,500 Twitter followers that the right market conditions could help Solana put together a sizable rally after SOL took out both its diagonal and horizontal resistances.
“If the market sustains this push by ETH, SOL rips much higher. Bunch of open interest and risk tagged on on the way down from $50-$40. Looks bottomed in the short term, can rip.”
Pseudonymous analyst Pentoshi is also optimistic about the crypto asset. Last week, he told his 587,000 Twitter followers that if SOL broke $42, it would get to the $58-60, “maybe even $80.”
SOL is trading for $45.96 at time of writing. The 9th-ranked crypto asset by market cap is up nearly 13% in the past 24 hours and more than 38% in the past seven days.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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