A rare signal from a legendary market analyst has caught the attention of traders the Ethereum and Solana price is starting to show potential reversal signals. With the The broader crypto market is still in a slumpA subtle warning from the inventor of one of the most respected technical indicators has analysts wondering if a big shift is coming in ETH and SOL.
Bollinger inventor signals price explosion of Ethereum and Solana
John Bollinger, technical analyst and inventor of the world famous Bollinger Bands Indicatorsubsequently shocked the broader crypto community identifying potential “W” soils are forming on the Ethereum and Solana charts. In his market commentary on social media X, Bollinger says noted that while Bitcoin has not yet shown similar signals, the ETHUSD and SOLUSD pairs are developing in a way that demands attention.
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In particular, Bollinger’s cautious but optimistic statement immediately attracted the attention of fellow market analysts. Satoshi Flipper, a well-known crypto expert, revealed that Bollinger typically only makes such a market call once a year and hasn’t issued one for Ethereum in three years. He revealed that the last time the inventor of the Bollinger Bands made a similar statement was in September 2022, just before the ETH price rose from around $1,290 to almost $4,000.
Because of Bollinger’s selective and historically accurate statements, analysts see this as an early sign of one possible reversal of a downward trend or consolidation into an explosive outbreak. If the inventors’ analysis proves accurate again, both Ethereum and Solana could be at the root of one of their strongest bull rallies
Analysts predict bullish targets for ETH and SOL
Two separate technical analyzes also highlight an optimistic outlook for Ethereum and Solana prices. Crypto analyst Lark Davis marked that Solana’s card structure seems “very constructive”. the Relative Strength Index (RSI) a momentum breakout is approaching and the Moving Average Convergence Divergence (MACD) is preparing for a bullish cross.
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Davis noted that Solana’s price action paints a clear picture Double bottoma classic reversal pattern. Should the neckline break, he expects a potential price target of around $250, provided the bulls can defend the 200-day EMA. With Solana trading around $192, a rally to that target would mean a gain of about 30%.
Ethereum’s technical prospects are even more dramatic. Analyst Merlijn de Handelaar declared on X that ETH has developed the most explosive setup since the 2017 bull cycle, pointing to a textbook Bullish Pennant Pattern on the monthly chart. Historically, such formations precede a massive continuation once the price moves above the upper limit of the pattern.
Merlijn’s chart analysis predicts an eventual breakout target of around $8,500, suggesting that Ethereum will soon set a new all-time record. Considering that the ETH price is above $4,000, a rise towards this bullish target would more than double its value, representing an impressive 110% increase.
Featured image from Getty Images, chart from Tradingview.com