A widely followed crypto strategist and trader is expressing bullish sentiment on a large-cap Ethereum (ETH) rival.
Pseudonymous analyst Pentoshi tells his 697,200 Twitter followers that Solana (SOL) looks bullish as it appears to have broken above its horizontal and diagonal resistances converging at around $20.
The analyst also says that the Ethereum competitor also looks strong against Bitcoin (SOL/BTC) and Ethereum (SOL/ETH).
“SOL: all of a sudden showing some pretty promising signs of life on BTC and ETH pairs as well as a potential deviation and trend line break on the US dollar.
This is one I plan to buy heavily this year and is one of my strongest conviction bets for the bull run, whenever it comes.”
Pentoshi also shares a chart of SOL/BTC, which shows that the pair appears to have created a potential double-bottom reversal structure on the daily chart.
Solana is trading at $21.62 at time of writing, up over 6% in the last 24 hours.
Turning to Bitcoin, the analyst says that he is waiting for buy-the-dip opportunities for BTC, believing that the exchange-traded fund (ETF) narrative will propel the crypto king to higher levels.
“Will be buying any dips, because I simply believe as we get closer to the ETF date, the price will be higher as people speculate on the flows of billions of dollars. Whether that is right or wrong, it will be the narrative in my opinion.
Sellers win small battles, but the buyers have been winning the war this year.”
Pentoshi also says he is targeting the $26,600 level as a potential accumulation zone for BTC.
“Not going to diddle in the middle. The dip I want to buy is in the grey box [around $26,600]. The next area I want to sell is the magnet [around $32,400].
We have been long and strong since $26,600. Trying to capture the meat of the move.”
Bitcoin is trading at $30,114 at time of writing.
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