A trader who called the end of the 2021 Bitcoin (BTC) bull market believes that an Ethereum (ETH) challenger is a strong candidate to hold for the long term.
Pseudonymous analyst Pentoshi tells his 700,700 Twitter followers that Solana (SOL) looks good on high time-range charts after removing bear market resistance.
In the short term, however, the analyst says that Solana may pull back to retest its previous resistance and turn it into support after rallying more than 150% in less than two months.
“Overall, I find the chart very constructive on higher time frames.
But I wanted to see it maintain these previous range highs. For now, it could be a deviation. If we start to close back in, then I will look at $22.30 next.
Optimistic in cult communities for the next bullfight”.
Pentoshi too says that while he doesn’t think SOL will mimic Ethereum’s meteoric rise during the 2021 bull market, he thinks Solana can still generate decent returns for holders in the long run.
“I don’t know if the next bull cycle makes new all-time highs, or if I believe in the ETH fractal.
I lean towards no. You can screenshot this and laugh at me. It doesn’t mean it won’t do very well when people start coming back to the market. He just thinks it’s one of the easier bets.”
At the time of writing, SOL is trading at $24.74.
Looking at the Solana/Bitcoin (SOL/BTC) ratio, the cryptocurrency trader says the pair needs to move above its recent high of 0.00119 BTC ($35.59) to print a bull market structure.
“I don’t think it looks too bad (high time frames). But not a higher high + a higher low yet.”
At the time of writing, the SOL/BTC pair is trading at 0.0008252 BTC ($24.68).
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