Top Trader Says Solana Grinding for a Pop, Predicts Breakout Rally for Chainlink After Month-Long Consolidation
A closely followed crypto trader believes that the smart contract platform Solana (SOL) is not yet done rallying.
Pseudonymous analyst The Flow Horse tells his 191,100 followers on the social media platform X that Solana bulls continue to accumulate SOL regardless of price.
With heavy buying activity, the top trader believes that SOL is gearing up for another leg higher.
“Just non-stop consistent taker activity for SOL across all venues. This is grinding up for a pop. I think $80 is a reasonable next target.”
The analyst also says that Solana appears to be bouncing every time it hits a key trend indicator on the four-hour chart.
“SOL looks ready for another attempt higher.
Very clean so far, respecting the one standard deviation band volume-weighted average price (VWAP) of the trend.”
At time of writing, SOL is trading for $73.24.
Looking at the decentralized oracle network Chainlink, the analyst thinks that LINK looks primed for a breakout rally after consolidating for about a month.
“A few coins breaking cleanly out of month-long consolidations and not as the result of exhaustive short squeezes right now.
LINK is one.”
The analyst also says that he’s currently accumulating LINK in anticipation of a burst to the upside.
“After reducing most altcoin futures positions across the board and still long the spot portfolio I shared, I am adding more LINK here in anticipation of another leg up.
Happy to get more fills over the weekend.”
At time of writing, LINK is worth $16.40.