“Just look at the chart. SOL looks like it is consolidating against resistance and compressing to fly… This daily [chart] looks good, and we haven’t seen nearly as much mean reversion as I would expect. SOL.”
Looking at the analyst’s charts, it appears that the next major resistance for Solana is around $75. At time of writing, SOL is swapping hands for $46.98, indicating a nearly 60% upside potential for the Ethereum competitor, according to Cantering Clark.
As for Bitcoin, the trader posits that BTC revisiting its 2017 bull market high around $20,000 and holding it as support on the weekly timeframe could be a fitting bottom signal.
“Crowds, is it possible that Bitcoin really was this simple?
Everyone talking about a drawdown that should match prior drawdowns but disregarding the fact that the recent bull market was less intense than priors.
We kind of did revert to a good historical mean regardless.”
Cantering Clark points out that during the 2017 bull market, Bitcoin rallied by over 11,000% from the bottom. Meanwhile, the 2021 bull market saw Bitcoin posting gains of less than 2,000%.
“Eyes having issues?”
The crypto analyst also warns traders who are planning to short sell Bitcoin due to its relative underperformance over the past weeks.
“Bitcoin is being very dull and giving the impression of weakness.
‘Never short a dull market.’
This kind of reminds me of 2020 structure off March lows.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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