A popular crypto strategist and trader says smart contract protocol Solana (SOL) could mirror Ethereum’s (ETH) 2021 meteoric rise.
Pseudonymous analyst Inmortal tells his 191,200 Twitter followers that Solana could be following ETH’s pattern that eventually led to the top altcoin breaking out of its resistance at $400 in 2021 and rallying to its all-time high.
“Still in play.”
Looking at the trader’s chart, the similarities between the two charts could have more weight should Solana manage to take out its resistance at around $60.
At time of writing, SOL is changing hands for $23.18. The ETH rival has risen in value by nearly 200% from its low of $8.03 in December 2022.
Fellow crypto analyst Altcoin Sherpa is also keeping a close watch on Solana. He tells his 189,100 Twitter followers that while SOL has more upside potential, he believes the crypto asset will likely undergo a significant correction.
“Do we think this Solana run is going to keep going? I could see more upside to the mid $30s from here if BTC continues. Ultimately, though, I think that we fill the gap with trading volume between $17-$28 or so. Probably going to eventually trade there.”
As for Bitcoin (BTC), Inmortal predicts that the king crypto could briefly dip below $20,000 before recovering the key psychological level and rallying to around $24,000.
“$21,000 ? $18,000 ? $24,000.”
At time of writing, Bitcoin is changing hands at $21,055.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Colourful Cat
Credit: Source link
