Pseudonymous analyst Pentoshi tells his 700,700 Twitter followers that Solana (SOL) looks good on the high timeframe charts after taking out its bear market resistance.
In the near term, however, the analyst says that Solana may pull back to retest its previous resistance and turn it into support after rallying by over 150% in less than two months.
“Overall the chart looks very constructive to me on high timeframes.
But I did want to see it hold these previous range highs. For now, (it) could be a deviation. If we start to close back inside, then I’ll look at $22.30 next.
Bullish on cult-like communities for the next bull run.”
Pentoshi also says that although he does not believe that SOL will mimic Ethereum’s meteoric ascent during the 2021 bull market, he thinks that Solana can still generate decent gains for long-term holders.
“I don’t know if it makes new all-time highs the next bull cycle, or if I believe in the ETH fractal.
I lean towards no. You can screenshot this and laugh at me. It doesn’t mean it won’t do super well when people start to come back to the market. Just believe it’s one of the easier bets.”
At time of writing, SOL is trading for $24.74.
Looking at the Solana/Bitcoin (SOL/BTC) ratio, the crypto trader says the pair must move above its recent high of 0.00119 BTC ($35.59) to print a bullish market structure.
“I don’t think it looks too bad (high timeframes). But not a higher high+ higher low yet.”
At time of writing, the SOL/BTC pair is trading for 0.0008252 BTC ($24.68).Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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