A trader who correctly called the bottom for Bitcoin (BTC) during the 2018 bear market says that Ethereum (ETH) rival Solana (SOL) is setting up for a meteoric price appreciation.
Pseudonymous analyst Bluntz tells his 223,500 Twitter followers that Solana appears to be on the cusp of mirroring Bitcoin’s explosive rally at the start of the year.
[adinserter block="1"]According to a chart shared by the top trader, Solana could rally close to $100 by October if the smart contract platform follows his script.
“I’m in half a mind to just go full-blown SOL (maximalist) for a few months, to be honest. One of the cleanest upward channel breakouts I’ve seen since BTC back in January at $18,000.”
At time of writing, SOL is trading for $25.71, suggesting an upside potential of over 288% if it hits Bluntz’s target.
Looking at Ethereum, the crypto analyst believes that the leading altcoin looks poised to put together a massive breakout rally against Bitcoin (ETH/BTC).
“The nearly year-long ETH/BTC wedge breakout is going to be… glorious. For what it’s worth, I think it has probably bottomed already and would be getting horny for it over 0.07 BTC ($2,101). I don’t think enough people are positioned for it and will get completely caught off guard.”
Based on the trader’s chart, he appears to be predicting that ETH/BTC could rise to a high of 0.112 BTC ($3,362). At time of writing, ETH/BTC is worth 0.06337 BTC ($1,902).
As for Bitcoin itself, Bluntz believes that BTC is set to bounce at the very least after briefly plunging below $30,000.
“(The) low timeframes on BTC definitely looking promising, reclaim of low timeframe range we just broke down from after testing the lower end of higher timeframe range.
The worst-case scenario: a few days of up, best case: new highs, in my opinion.”
At time of writing, BTC is worth $30,021.
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