A prime crypto dealer says that Ethereum (ETH) competitor Solana (SOL) is setting the stage for a breakout after an preliminary rally.
Pseudonymous analyst DonAlt tells his 53,900 YouTube subscribers that SOL seems prone to break via a key resistance stage.
Nonetheless, he says SOL’s transfer to the upside is probably going contingent on Bitcoin (BTC) holding assist ranges after the king crypto’s huge transfer to the upside.
“Solana/USD knocking on heaven’s door right here [at $32.98], once more. I feel that ought to break, similar as what Chainlink (LINK) did, so long as Bitcoin can preserve holding up. So, Solana trying good on the USD pair. It retains on making increased lows.”
The dealer’s weekly chart reveals Solana hitting current increased value lows, the latest being about $18.
The dealer additionally says Solana is exhibiting bullish momentum on the month-to-month chart.
“In the event you take a look at the month-to-month timeframe that’s fairly good. You have got an impulse. Then you could have a bunch of sideways and now you could have a second one. I like this chart. If I had to purchase an altcoin, nonetheless, even at this level, it could be Solana and it could be LINK.”
Subsequent up, the dealer says Bitcoin may mirror a value sample in 2018 and soar to a variety excessive of $60,000.
“Goal-wise, if we break this stage [at $35,028] I simply assume $60,000 is subsequent. I feel in the event you come and reclaim vary, it’s moon time. In the event you examine it to 2018, we had a consolidation. We had a breakdown. This was slightly bit longer of a breakdown, however similar, after which folks had been attempting to quick the retest and that very a lot didn’t go to plan. It utterly went to the vary excessive, which I’ve outlined right here.
So if it performs out the very same manner you’ll principally be at a variety excessive in two months, which I feel isn’t essentially tremendous doubtless, however it’s potential. If we get good ETF (exchange-traded fund) information, I feel that could possibly be potential. But additionally now we have excessive timeframe resistance proper now.”
Bitcoin is buying and selling for $34,253 at time of writing.
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