A much-followed crypto strategist and trader is expressing optimistic sentiment about a large-cap Ethereum (ETH) rival.
Pseudonymous analyst Pentoshi tells his 697,200 Twitter followers that Solana (SOL) is looking bullish as it appears to have broken above its horizontal and diagonal resistances which converge at around $20.
The analyst also says that the Ethereum competitor also looks strong against Bitcoin (SOL/BTC) and Ethereum (SOL/ETH).
“SOL: oneI will suddenly show some promising signs of life on BTC and ETH pairs, as well as a possible divergence and trend reversal on the US dollar.
This is one I plan to buy heavily this year and it’s one of my strongest belief bets for the bull run, whenever it comes.
Pentoshi also shares a chart of SOL/BTC showing that the pair appears to have created a potential double bottom reversal structure on the daily chart.
Solana is trading at $21.62 at the time of writing, up more than 6% in the past 24 hours.
As for Bitcoin, the analyst say that he waits for buy-the-dip opportunities for BTC, believing that the exchange-traded fund (ETF) story will propel the crypto king to higher levels.
“Will buy dips because I just believe as we get closer to the ETF date the price will be higher as people speculate on the billion dollar flows. Whether that’s right or wrong, it’s going to be the story in my opinion.
Sellers are winning small battles, but the buyers have won the war this year.”
Pentoshi too say he is targeting the USD 26,600 level as a potential accumulation zone for BTC.
“I’m not going to mess around in the middle. The dip I want to buy is in the gray box [around $26,600]. The next area I want to sell is the magnet [around $32,400].
We’ve been long and strong since $26,600. Trying to capture the meat of the move.
Bitcoin is trading at $30,114 at the time of writing.
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Image generated: Midway through the journey