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.
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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