A closely watched crypto strategist thinks layer 1 rivals Ethereum (ETH) and Solana (SOL) are gearing up to rally to new all-time highs.
Pseudonymous analyst Inmortal tells his 217,500 followers on social media platform
The trader shares a chart that suggests Ethereum will eventually break through on its way 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 is now serving as the basis for a new uptrend.
At the time of writing, ETH is trading at $3,113, down over 36% from its all-time high of $4,878.
Looking at Solana, Inmortal thinks SOL is now poised to record a new all-time high after breaking out of the symmetrical triangle structure, a technical analysis formation traditionally seen as a bullish continuation pattern.
“To steer [Solana] to new ATH (all-time record).”
At the time of writing, SOL is trading at $235, about 9% away from 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 a rally to $0.00035 after clearing its resistance at $0.00024.
“The standout.
FLOKI.”
At the time of writing, FLOKI is worth $0.000256.
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Generated image: DALLE3