According to an analyst followed by a large investor base, the star altcoin that will outshine Ethereum, its popular rival, is about to start a major rally. The altcoin, which many institutional investors had abandoned for good, had dropped to $8. Now, Pentoshi claims that it will rise from its ashes.
Pentoshi, a pseudonymous figure who has predicted multiple major price movements in the past, is now warning investors about Solana (SOL). According to him, SOL Coin is looking very promising on high time frame charts after overcoming bear market resistance.
However, the analyst says that Solana could pull back to retest and convert its previous resistance into support after rising over 150% in less than two months.
“Overall, the chart looks very constructive to me on higher time frames. But I wanted to see it hold these previous highs. For now, this could be a deviation as well. If we start closing back inside, I’ll be looking at $22.30 for the next move. A rise is possible in cult-like communities for the next bull run.”
Pentoshi also believes that while Solana may not mimic Ethereum’s meteoric rise during the 2021 bull market, it can still provide good returns for long-term investors.
“Will it reach all-time highs in the next bull cycle, or do I believe in the ETH fractal? I don’t know. I lean towards no. You can laugh at me for taking this screenshot. But that doesn’t mean it won’t be super good when people start coming back to the market. I just think it’s one of the easiest bets.”
Analyzing the SOL/BTC and USDT pairs, the analyst expects closing prices above $35.59 to strengthen the upward structure.
“I don’t think it looks too bad on higher time frames. But it’s not yet a higher high + higher low.”
At the time of writing, due to the ongoing negativity in the BTC front, short-term negativity seems to persist for SOL Coin as well.