A widely followed analyst and trader is leaning optimistically toward a large-cap altcoin amid a broader rally in the crypto market.
The analyst, pseudonymously known as Pentoshi tells his 809,700 followers on the social media platform X that Solana (SOL) is in the ‘waiting room of all time’.
On the weekly time frame, Pentoshi shares a chart suggesting that Solana has formed a double bottom pattern, a technical analysis structure typically considered bullish when buyers intervene to prevent an asset from making new lows.
According to the widely followed analyst, Solana is on the eve of the crisis take it out resistance is around $204, which has kept SOL bearish since 2022.
“While there could be some resistance in the short term, I don’t expect this to last too long.
Structurally this looks great, and in my opinion dips are meant to be bought.
It should challenge for record highs this month.”
The analyst too say his long-term target for Solana is a price around 110% above current levels.
“Above $200, the price will likely reach an all-time high shortly thereafter. Long-term goal: $420.69. Not a cent higher.”
Solana is trading at $200 at the time of writing, up about 20% this month.
As for the broader altcoin market, Pentoshi say that TOTAL3, which tracks the total market capitalization of all crypto assets excluding Bitcoin (BTC) and Ethereum (ETH) and stablecoins, is likely to rise by around 14% from current levels.
“Altcoins. I think we will see a breakout in the near future and head back towards the $760 billion mark. This continues to be true and I believe the space has been given the green light.”
TOTAL3’s market cap hovers at $668 billion.
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Generated image: Midjourney
