Ethereum Rival Solana in All-Time High ‘Waiting Room,’ Says Crypto Analyst – Here’s His Outlook
A widely followed analyst and trader is leaning bullish on a large-cap altcoin amid a broader crypto market rally.
The analyst pseudonymously known as Pentoshi tells his 809,700 followers on the social media platform X that Solana ( SOL ) is in the “all-time high waiting room.”
On the weekly time frame, Pentoshi shares a chart suggesting that Solana has formed a double-bottom pattern, a technical analysis structure that’s typically considered bullish as buyers step in to keep an asset from printing new lows.
Source: Pentoshi/X According to the widely followed analyst, Solana is on the cusp of taking out its resistance at around $204, which has kept SOL bearish since 2022.
“While there could be some short-term resistance ahead, I don’t expect to last too long.
Structurally this looks great, and in my opinion, dips are for buying.
It should be challenging all-time highs this month.”
The analyst also says his long-term target for Solana is a price around 110% above the current level.
“Above $200 and it likely sees all-time highs shortly after. Long-term target $420.69. Not a cent higher.”
Solana is trading at $200 at time of writing, up by around 20% this month.
Turning to the wider altcoin market, Pentoshi says that TOTAL3, which tracks the total market cap of all crypto assets excluding Bitcoin ( BTC ) and Ethereum ( ETH ) and stablecoins, is likely to rise by about 14% from the current level.
“Altcoins. I think we will see a breakout in the near future and move back towards the $760 billion mark. It keeps knocking at this and I believe the space got the green light.”
Source: Pentoshi/X The market cap of TOTAL3 is hovering at $668 billion.
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