A trader who called the end of Bitcoin’s (BTC) bull market in 2021 believes one challenger to Ethereum (ETH) is a solid candidate to hold for the long haul.
Pseudonymous analyst Pentoshi tells his 700,700 Twitter followers that Solana (SOL) is looking good on the high timeframes after clearing bear market resistance.
In the short term, however, the analyst says Solana may pull back to retest its previous resistance and turn it into support after rallying more than 150% in less than two months.
“Overall, the chart looks very constructive on high time frames.
But I did want to see it hold these previous range highs. For now, (it) may be an anomaly. As we begin to close in, I’m looking at $22.30 next.
Bullish on cult-like communities for the next bull run.
Pentoshi too say that while he doesn’t believe SOL will replicate Ethereum’s meteoric rise during the 2021 bull market, he thinks Solana can still generate decent profits for long-term holders.
“I don’t know if it will make new all-time highs next bull cycle or if I believe in the ETH fractal.
I lean towards no. You can take a screenshot of this and laugh at me. It doesn’t mean it won’t do super well when people get back into the market. Believe it is one of the easier bets.
At the time of writing, SOL is trading at $24.74.
Looking at the Solana/Bitcoin (SOL/BTC) ratio, the crypto trader says the pair needs to break above its recent high of 0.00119 BTC ($35.59) to print a bullish market structure.
“I don’t think it looks that bad (high time frames). But no higher high+ higher low.”
At the time of writing, the SOL/BTC pair is trading for 0.0008252 BTC ($24.68).
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