A top crypto trader says that Ethereum (ETH) competitor Solana (SOL) is setting the stage for a breakout after an initial rally.
Pseudonymous analyst DonAlt tells his 53,900 YouTube subscribers that SOL appears likely to break through a key resistance level.
However, he says SOL’s move to the upside is likely contingent on Bitcoin (BTC) holding support levels after the king crypto’s massive move to the upside.
“Solana/USD knocking on heaven’s door here [at $32.98], again. I think that should break, same as what Chainlink (LINK) did, as long as Bitcoin can keep holding up. So, Solana looking good on the USD pair. It keeps on making higher lows.”
The trader’s weekly chart shows Solana hitting recent higher price lows, the most recent being about $18.
The trader also says Solana is showing bullish momentum on the monthly chart.
“If you look at the monthly timeframe that is quite nice. You have an impulse. Then you have a bunch of sideways and now you have a second one. I like this chart. If I had to buy an altcoin, still, even at this point, it would be Solana and it would be LINK.”
Next up, the trader says Bitcoin could mirror a price pattern in 2018 and soar to a range high of $60,000.
“Target-wise, if we break this level [at $35,028] I just think $60,000 is next. I think if you come and reclaim range, it’s moon time. If you compare it to 2018, we had a consolidation. We had a breakdown. This was a little bit longer of a breakdown, but same, and then people were trying to short the retest and that very much didn’t go to plan. It completely went to the range high, which I have outlined here.
So if it plays out the exact same way you would basically be at a range high in two months, which I think is not necessarily super likely, but it’s possible. If we get good ETF (exchange-traded fund) news, I think that could be possible. But also we have high timeframe resistance right now.”
Bitcoin is trading for $34,253 at time of writing.
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The post Solana on Cusp of Breakout, Says Analyst Who Accurately Called 2022 Bitcoin Bottom – But There’s a Catch appeared first on The Daily Hodl.
