A widely followed crypto trader says that the XRP court ruling could ignite a huge rally for one large-cap Ethereum (ETH) rival.
Pseudonymous analyst Pentoshi tells his 697,300 Twitter followers that Solana (SOL) is showing new life after breaking out of a descending triangle pattern.
He says that Thursday’s XRP court ruling, which said the token wasn’t a security when sold on exchanges, could keep the trend reversal going.
“SOL continues to run a train on non-believers. Almost to the range highs and up 50% from first buys. Two-and-a-half weeks ago it was ‘dead.’ The XRP lawsuit should breathe new life into it in theory.”
News of the XRP ruling sent Solana up from Thursday’s low of $21.49 to a high of $30.05, a more than 39% increase.
At time of writing, Solana is trading for $28.96, up more than 92% in the last 30 days.
Solana collapsed in price when the U.S. Securities and Exchange Commission (SEC) labeled SOL and other altcoins securities in its lawsuit against Coinbase last month. But Thursday’s ruling calls into question the SEC’s label of altcoins like SOL as securities.
Pentoshi is also weighing in on Bitcoin, predicting a bull rally in the long term as the king crypto continues to consolidate in the range between $25,000 and $32,000
“So far we’ve spent a lot of time inside this $25,000-$32,000 range for BTC. These are the levels I’ve been focused on for months. Literally, nothing has changed. HTFs (high timeframes) look much better than they have in a long time, and next year I think we are rewarded. Said it before, but on the back half now of the time aspect.”
The trader says that Bitcoin is likely headed to the $32,500 level next, and if BTC holds it as support he predicts the king crypto will soar to $40,000.
“With this in mind BTC $32,500 is a magnet. If we get HTF closes above that then that opens up the door to $40,000.
IF = THEN.”
Pentoshi is also closely watching two upcoming events that could trigger a bull run for Bitcoin.
First, there is the expected August decision by SEC on Bitcoin exchange-traded fund (ETF) applications. Second, there is the Bitcoin halving, expected in April of next year, when the amount of new BTC issued to miners will be reduced.
“The closer we get to August 13th, the higher BTC will probably trend for the ETF as people are hopeful for it being passed. It will be several at once if one is approved. There likely will of course be hiccups along the way. Then not even a year later you have the halving.”
Bitcoin is trading for $31,417 at time of writing, up 3.5% in the last 24 hours.
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