Inmortal, a closely followed cryptocurrency analyst and trader, issued a warning of a potential drop for Solana (SOL), which is considered the main competitor to the altcoin king Ethereum (ETH). The analyst also shared his latest views on the decentralized oracle network Chainlink (LINK) and the largest cryptocurrency Bitcoin (BTC).
Surprise Drop Warning for Solana (SOL)
The anonymous cryptocurrency analyst known as Inmortal stated that Solana is ready for a major breakout, but such an upward movement will not happen without a significant fake drop in the downward direction. The analyst expects SOL to briefly drop below $20 within this month before surpassing $30.
SOL, which has been the subject of analyses and predictions suggesting that it will surpass $30 for a while, is currently trading at $23.51 with a 4.11% decrease in the last 24 hours. The price chart shared by Inmortal indicates that the leading altcoin could drop to $17.5 within this month.
The analyst also mentioned that Chainlink, which is on his watchlist, is trading in a similar long accumulation zone with its native asset LINK. According to Inmortal, the extended consolidation period of Chainlink indicates that LINK is poised for a major breakout.
When sharing his expectations for LINK, the analyst used the words “The longer the accumulation, the greater the rise will be.”
Expecting Bitcoin to Resume its Rise
After discussing SOL and LINK, Inmortal turned to BTC and stated that the price of the crypto king has fallen below a significant support level and the bears have demonstrated temporary strength before the price surpasses the support level.
According to the analyst, the largest cryptocurrency currently presents an extremely high risk-reward (R:R) ratio. Inmortal believes that Bitcoin offers a great opportunity for buyers to consider. At the time of writing this article, Bitcoin is trading at $28,932, with a 1.53% decrease in the last 24 hours, below the support level indicated by the analyst.
