A closely followed crypto strategist thinks layer-1 rivals Ethereum (ETH) and Solana (SOL) are gearing up for rallies to new all-time highs.
Pseudonymous analyst Inmortal tells his 217,500 followers on the social media platform X that he believes Ethereum is in the midst of a brief consolidation period before rallies to new record-high levels.
The trader shares a chart suggesting that Ethereum will eventually break out en route to $5,000.
“Simple structure, simple trade, simple life.”
Based on the trader’s chart, he seems to suggest that ETH has formed a solid base below $2,800 that now serves as the foundation for a new uptrend.
At time of writing, ETH is trading for $3,113, more than 36% down from its all-time high of $4,878.
Looking at Solana, Inmortal thinks that SOL is now ready to print a new all-time high after breaking out from a symmetrical triangle structure, a technical analysis formation traditionally seen as a bullish continuation pattern.
“Send [Solana] to new ATH (all-time high).”
At time of writing, SOL is trading for $235, about 9% away from hitting its all-time high of $259.96.
The trader is also bullish on the meme token Floki (FLOKI). Inmortal predicts that FLOKI is poised for rallies to $0.00035 after taking out its resistance at $0.00024.
“The outperformer.
FLOKI.”
At time of writing, FLOKI is worth $0.000256.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
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 losses 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.
Generated Image: DALLE3
