A widely followed crypto trader says the XRP court ruling could spark a massive rally for one large-cap Ethereum (ETH) rival.
Pseudonymous analyst Pentoshi tells are 697,300 Twitter followers that Solana (SOL) is showing new life after breaking a descending triangle pattern.
He says Thursday’s XRP court ruling, which said the token was not a certainty when sold on exchanges, could sustain the trend reversal.
“SOL continues to run a train on non-believers. Almost to the range highs and up to 50% from the first purchases. Two and a half weeks ago it was ‘dead’. The XRP lawsuit should, in theory, breathe new life into it.”
News of the XRP ruling sent Solana up from Thursday’s low of $21.49 to a high of $30.05, up more than 39%.
At the time of writing, Solana is trading at $28.96, up more than 92% in the past 30 days.
Solana collapsed in price when the US Securities and Exchange Commission (SEC) last month labeled SOL and other altcoins securities in its lawsuit against Coinbase. But Thursday’s ruling calls into question the SEC’s labeling of altcoins like SOL as securities.
Pentoshi also weighs in on Bitcoin, to predict a long-term bull rally as the king crypto continues to consolidate in the range between $25,000 and $32,000
“So far we have spent a lot of time within this $25,000-$32,000 range for BTC. These are the levels I’ve been focusing on for months. Literally nothing has changed. HTFs (high time frames) look much better than they have in a long time, and next year I think we’ll be rewarded. Said it before, but on the back of half now of the time aspect.
The trader say that Bitcoin is likely heading towards the USD 32,500 level, and if BTC holds onto it as support, he predicts the crypto king will rise to USD 40,000.
“With this in mind, BTC $32,500 is a magnet. If we get HTF to close up there, that opens the door to $40,000.
IF = THEN.”
Pentoshi is also close by watching two upcoming events that could spark a bull run for Bitcoin.
First, there is the expected August decision from the SEC on Bitcoin exchange-traded fund (ETF) applications. Second is the Bitcoin halving, which is expected in April next year when the amount of new BTC issued to miners will be reduced.
“The closer we get to August 13th, the higher BTC is likely to get for the ETF as people hope it gets passed. It will be several at a time if one is approved. There will of course be hiccups along the way. Then you have the halving less than a year later.”
Bitcoin is trading at $31,417 at the time of writing, up 3.5% in the past 24 hours.
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Image generated: Midway through the journey