Experienced Analyst Highlights Solana’s Impending Breakout
Renowned cryptocurrency analyst and trader DonAlt has shared insights into the market, indicating that Solana (SOL), often considered Ethereum’s biggest competitor, is poised for a significant breakout following its initial rally. DonAlt also expressed optimism about Chainlink (LINK), another promising cryptocurrency. Additionally, the analyst suggested a bullish outlook for Bitcoin (BTC), predicting a potential rise to $60,000.
Analyst’s Bullish Outlook on SOL
In a recent YouTube video, anonymous analyst DonAlt noted that Solana (SOL) appears likely to overcome a crucial resistance level. However, the analyst emphasized that SOL’s upward movement hinges on maintaining support levels after Bitcoin’s major surge. DonAlt commented:
“Solana is once again approaching the $32.98 level against the US dollar. As long as Bitcoin maintains its position, I anticipate SOL/USD making a substantial breakout similar to LINK’s performance. The SOL/USD trading pair exhibits promising trends, consistently establishing higher lows.”
The analyst shared a weekly price chart illustrating Solana’s recent highs, reaching around $18. Additionally, DonAlt highlighted Solana’s uptrend on the monthly timeframe, stating:
“The monthly timeframe indicates a positive trend. An impulse movement was followed by a consolidation period, and now we are witnessing a second impulse movement. I find this chart favorable. If I were to invest in two altcoins right now, it would be SOL and LINK.”
Bitcoin Could Reach $60,000
DonAlt made a significant observation regarding Bitcoin’s potential trajectory. The analyst suggested that BTC’s price movement might mirror the pattern observed in 2018, indicating a potential rise to $60,000:
“If Bitcoin surpasses the $35,028 mark, the next target could be $60,000. Drawing a parallel to 2018, there was a consolidation period followed by a crash. Although the previous crash was slightly longer, the overall pattern was similar. If historical trends continue, we might enter a high range within two months. While this outcome seems unlikely, it remains a possibility. Positive ETF news could facilitate this scenario, but strong high timeframe resistance currently challenges the price.”
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