A widely followed analyst and trader is leaning bullish on a large-cap altcoin amid a broader crypto market rally.
The analyst pseudonymously known as Pentoshi tells his 809,700 followers on the social media platform X that Solana (SOL) is in the “all-time high waiting room.”
[adinserter block="1"]On the weekly time frame, Pentoshi shares a chart suggesting that Solana has formed a double-bottom pattern, a technical analysis structure that’s typically considered bullish as buyers step in to keep an asset from printing new lows.
According to the widely followed analyst, Solana is on the cusp of taking out its resistance at around $204, which has kept SOL bearish since 2022.
“While there could be some short-term resistance ahead, I don’t expect to last too long.
Structurally this looks great, and in my opinion, dips are for buying.
It should be challenging all-time highs this month.”
The analyst also says his long-term target for Solana is a price around 110% above the current level.
“Above $200 and it likely sees all-time highs shortly after. Long-term target $420.69. Not a cent higher.”
Solana is trading at $200 at time of writing, up by around 20% this month.
Turning to the wider altcoin market, Pentoshi says that TOTAL3, which tracks the total market cap of all crypto assets excluding Bitcoin (BTC) and Ethereum (ETH) and stablecoins, is likely to rise by about 14% from the current level.
“Altcoins. I think we will see a breakout in the near future and move back towards the $760 billion mark. It keeps knocking at this and I believe the space got the green light.”
The market cap of TOTAL3 is hovering at $668 billion.
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