A closely followed crypto strategist and trader thinks one Ethereum (ETH) competitor is gearing up for a breakout.
Pseudonymous analyst Inmortal tells his 223,100 followers on the social media platform X that Solana (SOL) may be forming a bullish pattern on the daily chart and could surge more than 18% from its current value.
“If you ask me, SOL is starting to look good again. Only thing we need now is a higher high [price] to confirm a break in MS (market structure.)”
Looking at his chart, the trader suggests SOL will surge to $240 and retrace to around $210 before resuming its uptrend to around its all-time high of $263.
Solana is trading for $219 at time of writing, up 4.7% in the last 24 hours.
Next up, the trader weighs in on Bitcoin after BTC reclaimed the $100,000 range this week, following a correction to $89,000 on Monday.
“Are you telling me it was as easy as just wait?”
Looking at his chart, the trader suggests Bitcoin may correct down to as low as $95,000 later this month on the eight-hour chart before surging to as high as $127,000 in February.
Bitcoin is trading for $104,569 at time of writing, up 5% in the last 24 hours.
Lastly, the analyst says that the Bitcoin layer-2 project Stacks (STX) may have just witnessed a swing failure pattern (SFP) after bouncing from $1.40 on the daily chart.
SFPs are often looked for by traders as potential reversal points.
“You don’t need to be a genius to realize STX chart looks bottomed. SFP + demand tested + [inverse head and shoulders pattern]. Could take some time but it’s a high probability setup for me.”
Looking at his chart, he suggests STX may surge to about $2.80.
STX is trading for $1.68 at time of writing, up 7.9% in the last 24 hours.
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Generated Image: Midjourney
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