Trader Says Ethereum Rival Solana Primed To Go Higher After Bouncing off Must-Hold Level – But There’s a Catch

A widely followed cryptocurrency trader is turning bullish on Solana ( SOL ) while expressing his reservations about the Ethereum ( ETH ) competitor.

The trader pseudonymously known as Credible Crypto tells his 460,500 followers on the social media platform X that Solana passed the “first test” by bouncing off the “must-hold” level of roughly between $165 and $190 and subsequently reaching a new all-time high of approximately $293.

The widely followed analyst says that even though Solana is likely to climb higher, there’s one reason holding him back from going long on the fifth-largest crypto asset by market cap.

“For what it’s worth, I think we are likely to make another subsequent new high here BUT the reason I am not interested in longing at these levels (except for short-term scalps) is because of the Bitcoin (SOL/BTC) pairing.”

According to the pseudonymous analyst, the SOL/USD pair is in price discovery but Solana against Bitcoin (SOL/ BTC ) is sitting under a zone of “massive” resistance level at around 0.003 BTC. Credible says that the resistance zone could either impede Solana’s upward movement for a while or cause a “much more significant rejection and pullback.”

On what it would take to turn fully bullish on Solana, the widely followed analyst says,

“If we can flip this [0.003 BTC resistance] zone, I’d be full bull on SOL once again, but as long as we are trading under it, it’s the most likely place for a rejection and I think odds are pretty decent we get one (all things considered).”

Source: Credible Crypto/X

Solana is trading at $237 (0.0022685 BTC) at time of writing.

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