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July 31, 2023

Crypto Analyst Issues Solana (SOL) Warning, Gives Updates on Bitcoin (BTC) and Chainlink (LINK)

By Alex Richardson

A closely followed crypto analyst is giving his latest takes on Ethereum (ETH) rival Solana (SOL), decentralized oracle network Chainlink (LINK) and top digital asset Bitcoin (BTC).

The pseudonymous analyst known as Inmortal tells his 195,000 Twitter followers that Solana is set for a big breakout, but not after a serious fakeout to the downside.

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He predicts SOL will briefly plunge below $20 sometime in August, before rebounding above $30.

“Sub $20 next month.

SOL.”

Source: Inmortal/Twitter

At time of writing, SOL is worth $24.49.

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The analyst also has his radar locked on Chainlink and says that the decentralized oracle network has been trading within a uniquely long accumulation zone. He says that Chainlink’s extended consolidation period suggests that LINK will likely see a massive breakout.

“This weekly chart has me obsessed.

Because the longer the accumulation, the bigger the expansion.

LINK.”

Source: Inmortal/Twitter

At time of writing, LINK is worth $7.62.

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Looking at Bitcoin, Inmortal says the crypto king just printed a “classic deviation setup” whereby price dips below an obvious support level, tricking bears into flipping short before popping back up the support level. He also says that BTC’s current price gives it a solid risk-to-reward (R:R) factor.

“I will only say this.

R:R is good.
Classic deviation setup.
Clear invalidation.

BTC.”

Source: Inmortal/Twitter

At time of writing, BTC is trading at $29,403.

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Featured Image: Shutterstock/NextMarsMedia