Crypto strategist says an Ethereum rival is preparing for a takedown, with Bitcoin (BTC) bottoming out likely
A closely watched crypto analyst predicts a rise for a popular Ethereum (ETH) challenger while saying that Bitcoin (BTC) may have already printed this cycle’s low.
Pseudonymous analyst Cantering Clark says his 142,300 Twitter followers, smart contract platform Solana (SOL) is preparing for a move that could trigger a strong rally from current prices.
“Just look at the chart. The SUN looks like it’s consolidating against resistance and compressing to fly… This daily [chart] looks good, and we haven’t seen nearly as much backlash as I’d expect. SUN.”
Looking at the analyst’s charts, the next major resistance for Solana appears to be around $75. At the time of writing, SOL is trading hands at $46.98, indicating a nearly 60% upside potential for the Ethereum competitor, according to Cantering Clark.
As for Bitcoin, the trader suggests that BTC revisiting its 2017 bull market high around $20,000 and holding it as support on the weekly timeframe could be an appropriate bottom signal.
“A lot, is it possible that Bitcoin was really that simple?
Everyone talks about a drawdown that should match previous drawdowns, but ignores the fact that the last bull market was less intense than in the past.
We kind of went back to a good historical remedy anyway.”
Cantering Clark points out that during the 2017 bull market, Bitcoin rallied over 11,000% from the bottom. Meanwhile, the 2021 bull market saw Bitcoin post gains of less than 2,000%.
“Are you having trouble with your eyes?”
The cryptanalyst too warns traders planning to short sell Bitcoin due to its relative underperformance in recent weeks.
“Bitcoin is very boring and gives the impression of weakness.
“Cards never a dull market.”
This kind of reminds me of the 2020 structure after the March low.”
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