A popular crypto analyst, known as Pentoshi, is predicting big things for Solana (SOL), a major competitor to Ethereum. He believes Solana is poised to hit new all-time highs.
Solana’s Double Bottom Pattern
Pentoshi sees a strong technical pattern on Solana’s chart, known as a double bottom. This pattern suggests that buyers are stepping in to support the price, preventing it from falling further. He believes this pattern is a bullish sign, indicating a potential price surge.
Resistance Levels and Targets
Pentoshi says Solana is currently facing resistance at around $204, a level that has kept the price down since 2022. However, he expects this resistance to break soon. He believes Solana could hit all-time highs this month and sees a long-term target of $420.69.
Wider Altcoin Market Outlook
Pentoshi is also optimistic about the broader altcoin market. He believes the total market cap of all crypto assets excluding Bitcoin, Ethereum, and stablecoins (TOTAL3) is likely to rise by about 14% from its current level. He expects a breakout in the near future, pushing TOTAL3 back towards the $760 billion mark.
Important Note:
Remember, this is just one analyst’s opinion. It’s crucial to do your own research before investing in any cryptocurrency. The crypto market is volatile and risky, and any investment decisions should be made with caution.
