A closely followed crypto analyst predicts a rise for a popular Ethereum (ETH) challenger, while saying Bitcoin (BTC) may have already pushed the low of this cycle.
Pseudonymous analyst Cantering Clark tells 142,300 Twitter followers say that smart contract platform Solana (SOL) is preparing for a move that could trigger a strong rally in current prices.
“Just look at the graph. SOL looks like it consolidates against resistance and compresses to fly… This daily [chart] looks good, and we haven’t seen nearly as much mean reversion as I’d expect. SOL.”
Looking at the analysts’ charts, it looks like the next big resistance for Solana is around $75. At the time of writing, SOL is trading at $46.98, which, according to Cantering Clark, indicates close to 60% upside potential for the Ethereum competitor.
As for Bitcoin, the trader argues that BTC revisiting the 2017 bull market around $20,000 and holding it as support on the weekly timeframe could be an appropriate bottom signal.
Folks, is it possible that Bitcoin really was that simple?
Everyone talked about a drawdown that should match previous drawdowns, but ignored the fact that the recent bull market was less intense than previous ones.
We have returned to a good historical average.”
Cantering Clark points out that Bitcoin rose more than 11,000% from the bottom during the 2017 bull market. Meanwhile, the 2021 bull market saw Bitcoin make gains of less than 2,000%.
The crypto analyst too warns traders who plan to short sell Bitcoin due to its relative underperformance over the past few weeks.
“Bitcoin is very boring and gives the impression of weakness.
‘Never shortchange a dull market.’
This reminds me of the structure of 2020 from the March lows.”
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