Top Trader Says No Resistance for Solana Until Well Above $100, Unveils Forecast for One Ethereum-Based Altcoin
A crypto trader who accurately called Bitcoin’s (BTC) 2018 bear market price floor is predicting Solana (SOL) will easily soar beyond $100.
Pseudonymous analyst Bluntz tells his 226,000 followers on the social media platform X that the Ethereum (ETH) competitor Solana will likely increase by more than 218% from its current value after a long accumulation phase.
“These high timeframe accumulation breaks after 90% drawdowns are the things dreams are made of. No high time frame resistance in my opinion until $137 on SOL.”
He also says that Solana is showing bullish momentum after breaking out of a downward channel.
“SOL baby let’s go. LTF (low time frame) accumulation and channel breakout.”
Solana is trading for $42.95 at time of writing.
The trader also weighs in on the liquid-staking service provider Lido DAO (LDO). According to Bluntz, the LDO against Bitcoin (LDO/BTC) pair may have already carved a cycle low.
“LDO/BTC from inception. Trying to keep a level head about it and not get carried away, but good chance this is a cycle bottom against BTC.”
Looking at LDO versus the US dollar (LDO/USD), Bluntz says that the pair is flashing a bullish setup on the four-hour chart.
“LDO consolidating above the prior high, gearing up for the next markup in my opinion. I really like this setup. LDO/BTC ended up closing the week as a very nice engulfing as well.”
LDO/BTC is trading for 0.0000555 BTC ($1.97) at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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