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Experienced cryptocurrency analyst and trader DonAlt believes that Solana (SOL), which is considered as the competitor of the biggest altcoin Ethereum (ETH), is preparing for a significant breakout after its initial rally. According to the analyst, SOL and Chainlink (LINK) are looking very promising. Furthermore, the analyst suggested that Bitcoin (BTC) could reach $60,000.
Analyst’s Bullish Outlook on SOL
Anonymous cryptocurrency analyst DonAlt stated in his latest video on YouTube that Solana (SOL) seems likely to surpass a significant resistance level. However, he emphasized that the upward price movement of SOL is dependent on its ability to remain above support levels after Bitcoin’s major upward price movement, stating:
Solana is once again knocking on heaven’s door at the $32.98 level against the US dollar. As long as Bitcoin continues to hold up, I believe SOL/USD should make a big breakout just like LINK did. The SOL/USD trading pair looks very promising. It continues to make higher lows.
The weekly price chart shared by the analyst shows that Solana has recently reached higher prices, with the latest around $18. The analyst also highlighted that Solana is moving within an uptrend on the monthly timeframe, using the following statements:
If you look at the monthly timeframe, it looks pretty good. There’s an impulse movement. Then there’s a period of consolidation, and now there’s a second impulse movement. I like this chart. If I had to buy two altcoins right now, it would be SOL and LINK.
Bitcoin Could Reach $60,000
Meanwhile, DonAlt made an important observation about the largest cryptocurrency, Bitcoin. The analyst stated that BTC’s price movement might reflect the pattern seen in 2018, and believes that it could be on the verge of a rise to $60,000:
If it breaks above $35,028, I think the next target is $60,000. If we compare it to 2018, there was a consolidation period followed by a crash. It was a slightly longer crash, but it was almost the same. Then people tried to short the retest, and things didn’t go according to plan, and the price went all the way up to the high range I summarized here.
So if it continues in the same way, we will be in a high range in two months, which I think is very unlikely but possible. If good ETF news comes, I think it could be possible, but there is currently strong high timeframe resistance in front of the price.
