A trader who correctly called Bitcoin (BTC) bottom during the 2018 bear market says that Ethereum (ETH) rival Solana (SOL) is bracing for meteoric price appreciation.
Pseudonymous analyst Bluntz tells his 223,500 Twitter followers that Solana appears to be about to mirror Bitcoin’s explosive rally earlier in the year.
According to a chart shared by the major trader, Solana could rally close to $100 in October if the smart contract platform follows through on its script.
“To be honest, I’m halfway thinking about going full-blown SOL (maximalist) for a few months. One of the cleanest ascending channel breakouts I’ve seen since BTC in January at $18,000.”
At the time of writing, SOL is trading at $25.71, suggesting more than 288% upside potential if it hits Bluntz’s target.
Looking at Ethereum, the cryptanalyst believes that the leading altcoin seems poised to put together a massive rally against Bitcoin (ETH/BTC).
“The breakout of the nearly year-long ETH/BTC wedge will be… glorious. For what it’s worth, I think he’s probably already bottomed out and would be getting horny for over 0.07 BTC ($2,101). I don’t think enough people are positioned for it to be caught off guard.”
Based on the trader’s chart, he appears to be predicting that ETH/BTC could rally to as high as 0.112 BTC ($3,362). At the time of writing, ETH/BTC is worth 0.06337 BTC ($1,902).
As for Bitcoin itself, Bluntz believes that BTC is ready to bounce at the very least after briefly dipping below $30,000.
“(The) low time frames in BTC definitely look promising, recovery from the low time frame range we just broke out of after testing the lower end of the higher time frame range.
Worst case: a few days up, best case: new highs, IMO.”
At the time of writing, BTC is worth $30,021.
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