An analyst known for accurately predicting the start of Bitcoin’s (BTC) massive 2021 bear market is updating his forecast and warning about one Ethereum (ETH) rival.
The pseudonymous analyst DonAlt tells his 695,200 X followers that Solana (SOL) is at risk of plummeting by double percentage points after failing to break through the key resistance level at around $208.
“This is just straight up one of the most bearish HTF (high timeframe) charts I’ve seen.
Now usually I’d just be like ‘ah, everyone is seeing this so it won’t play out,’ ‘just a ploy to make people bearish before up,’ but I’m not seeing any panic. No one is discussing this.”
The analyst also says that SOL may avoid collapse if it can reclaim the $190 level as support.
“SOL update: I’ve been bear posting this for a while now. Worthwhile to talk about invalidation. Pretty simple, reclaim the red box ($190-$215) and it recovers structurally. Until then it’s still ragingly bearish and only interesting for a (temporary) bounce from range low.”
He believes that SOL may dip more than 21% its current value without a near-term bullish reversal.
“Looks like $120 is still happening after all.”
Solana is trading for $153 at time of writing, down 2% on the day.
Meanwhile, the analyst says that Bitcoin (BTC) may be heading higher if it can hold weekly support in the $104,000 range.
“BTC update: this is gonna be a cute close. Sun-setting bearishness unless we lose the range high at $104,700.
Until then it’s a bullish chart again in my opinion, which means I’ll lean bullish again like I have been since the start of the thread.”
However, DonAlt warns that if Bitcoin dips out of the $90,000 range, its bullish market structure may be over for a while.
“BTC has a potential bullish setup, so I don’t know If that bullish setup fails $90,000, but we’re not there yet I’ve just been sidelined since I sold waiting for better opportunities/enjoying being out of position for the first time in a long time.”
Bitcoin is trading for $101,721 at time of writing, down 1.1% in the last 24 hours.
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