dailyhodl.com
A widely followed crypto analyst says that Ethereum (ETH) competitor Solana’s (SOL) nearly 45% devaluation from its 2024 high may end up being a “lifetime opportunity” for long-term bulls.
Pseudonymous crypto trader Inmortal tells his 212,400 followers on the social media platform X that Solana looks poised to erase most of its losses in the last few days as he expects SOL to rally above $200.
“Lifetime opportunity.”
Based on the trader’s chart, he initially predicted that SOL would drop to $115, which it did on Saturday, before reversing and rallying toward his upside target.
At time of writing, SOL is trading for $155.18, up nearly 9% in the past day.
Looking at Bitcoin (BTC), the trader says the crypto king has potentially already bottomed out near $60,000. According to Inmortal, bears should only expect BTC to go lower if it revisits the $60,000 level.
“No SFP (swing failure pattern), $60,700 low front-ran.
Just awkward consolidation and a slow grind-up.
IF $60,000 again, THEN lower.
Just my opinion.”
The trader also says the recent correction was relatively tame, and that it’s only a matter of time before Bitcoin ultimately enters a new stage of euphoria.
At time of writing, Bitcoin is trading at $66,325.
Generated Image: Midjourney