Analyst Says Top Ethereum Competitor To Plunge by Over 36% Before Bouncing Higher, Updates Outlook on Bitcoin

A widely followed crypto analyst believes that one Ethereum (ETH) competitor could first correct by double digits and then go on a massive rally to print new all-time highs (ATH).

Pseudonymous crypto trader Kaleo tells his 645,400 followers on the social media platform X that Solana (SOL) could decline by more than 36% of its current value.

“SOL/Solana: $80s, new all time highs.”

Looking at his chart, the trader suggests SOL could dip to around $80 and then soar past $263.

Solana is trading for $125 at time of writing, down more than 5% in the last 24 hours.

Next up, the analyst warns that Bitcoin (BTC) could dip to around $42,500, a decline of more than 21% of the current value. He also suggests Bitcoin may have a massive breakout after the US presidential election on November 5th and soar beyond $88,000 in early 2025.

“Alright bros, still believe we range through the election and rip after, but starting to look like my IHS (inverse head and shoulders pattern) theory is invalidated at what was initially my target buy price. Why? Equities look like they still have a decent move lower left in them and I don’t see any reason why BTC/alts would hold steady while SPY/QQQ print more red candles. Several majors are at HTF (high timeframe) support levels, so a quick flush from here makes sense.”

Bitcoin is trading for $53,906 at time of writing, down nearly 4% in the last 24 hours.

Generated Image: Midjourney