Popular crypto analyst Inmortal believes that Ethereum (ETH), the king of altcoins, is on the brink of a significant rally that could leave many investors on the sidelines. The analyst also presented an optimistic outlook for the popular altcoin Solana (SOL).
Ethereum’s Potential Rally: Fueled by Disbelief
Addressing his followers on the social media platform X, Inmortal suggested that Ethereum’s bullish phase is about to begin, driven by a sense of distrust among market participants.
The analyst identified a significant support level around $2,800 for Ethereum and projected an initial target of approximately $4,000. Inmortal’s shared price graph indicates that ETH is preparing for a breakout, similar to past bullish cycles where market sentiment was initially skeptical.
“The ETH season is about to start. As always, it’s fueled by disbelief,” tweeted Inmortal, pointing to the pattern of unexpected rallies catching many investors unprepared.
Following Ethereum: Solana
In addition to Ethereum, Inmortal is also optimistic about Ethereum’s competitor, Solana. According to the analyst, Solana’s market behavior mirrors Ethereum’s 2021 cycle. If this trend continues, Solana could surpass the $360 level by the end of this year. Inmortal predicted a significant upward trajectory for Solana based on historical models, stating, “ETH 2021 vs SOL 2024.”
The analyst also provided insights into Bitcoin’s (BTC) current trading range. Inmortal noted that Bitcoin fluctuates between $74,000 and $56,000, identifying $66,000 as the critical level to watch. If Bitcoin convincingly holds above this level, it could pave the way for a new run towards an all-time high.
Inmortal explained, “KEY levels in BTC. The price bounced back from the first resistance level (mid-range). If the price manages to surpass the mid-level, then the highest level ($74,000) will be on the table. Below the blue box would be bad. Very simple.”
