Floodgates Will Open for Solana Once SOL Takes Out This Level, Says Top Crypto Trader
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.