A top trader who nailed Bitcoin’s (BTC) 2018 bear market bottom believes that the floodgates will open for Solana (SOL) once it takes out the resistance of its multi-month accumulation range.
Pseudonymous analyst Bluntz tells his 225,200 followers on the social media platform X that Solana looks poised for a breakout against Bitcoin (SOL/BTC) and the US dollar.
“Very impressed with SOL price action this week.
Today’s price action is most likely a breakout on the BTC pair and [it’s] looking like a whole year of accumulation on not just USD but SOL/BTC is close to coming to an end.
Once it breaks $32, the floodgates get unleashed. That is still 20% higher but looking very promising in terms of high time frame structure.”
Looking at the trader’s chart, he seems bullish on SOL/BTC after the pair printed higher-low structures while moving above a diagonal resistance. At time of writing, Solana is worth $29.44 and SOL/BTC is trading at 0.00098 BTC.
Bluntz is also bullish on Ethereum (ETH). According to the analyst, Ethereum may be setting up for a rally after respecting support at $1,550 and printing a bullish higher-low setup.
“ETH/BTC has been absolutely demolished lately but ETH/USD is not only well and truly back in the range it broke down from but has also put in a higher low in the process.”
At time of writing, Ethereum is worth $1,632.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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