• A well-known crypto analyst, Pentoshi, predicts that the Ethereum rival Solana (SOL) will stay bullish as long as it trades above $22.30.
• If it drops below $22.30, Pentoshi believes that the next support level would be around $20.
• The trader is also watching Bitcoin (BTC) and expects a break of the $29,700 level to signal a return to bullishness.
Crypto Analyst Predicts Bullish Outlook for Ethereum Rival
A widely followed crypto strategist is remaining bullish on one Ethereum (ETH)-rival as he updates his stance on Bitcoin (BTC). The pseudonymous crypto analyst Pentoshi tells his 700,500 Twitter followers that as long as Solana (SOL) trades above $22.30 he is bullish on the ETH competitor.
Solana Has Surged 94% Since June Low
Solana took off on a huge rally since a June low of $12.80 and is trading for $24.89 at time of writing, an increase of more than 94%. The trader says if Solana dips below the key level of $22.30 it will likely decline to a support level of $20, which is the lower bound of Solana’s price range for most of 2023.
Pentoshi Looks To High Time Frames For Price Action Signals
Pentoshi has been closely watching the high time frames of Solana’s price action to determine if it’ll hold range highs. According to the trader’s chart, if Solana begins to drop below the $25 level, the next key level of support is $22.30.
Bitcoin Analysts Stalls; Break Above $29K Needed For Bullish Signal
Looking at Bitcoin, the trader says that BTC’s price action has stalled for weeks and he’s looking for a break of the $29,700 level as the next signal to go long before buying in again with confidence..
Bitcoin Sees Slight Gains In Last 24 Hours
Bitcoin is trading for $29,339 at time of writing up 0.4% during last 24 hours