A high crypto dealer says that Ethereum (ETH) competitor Solana (SOL) is setting the stage for a breakout after an preliminary rally.
Pseudonymous analyst DonAlt tells his 53,900 YouTube subscribers that SOL seems more likely to break via a key resistance stage.
Nevertheless, he says SOL’s transfer to the upside is probably going contingent on Bitcoin (BTC) holding help ranges after the king crypto’s large transfer to the upside.
“Solana/USD knocking on heaven’s door right here [at $32.98], once more. I feel that ought to break, identical as what Chainlink (LINK) did, so long as Bitcoin can preserve holding up. So, Solana wanting good on the USD pair. It retains on making greater lows.”
The dealer’s weekly chart exhibits Solana hitting latest greater worth lows, the latest being about $18.
The dealer additionally says Solana is exhibiting bullish momentum on the month-to-month chart.
“If you happen to take a look at the month-to-month timeframe that’s fairly good. You will have an impulse. Then you may have a bunch of sideways and now you may have a second one. I like this chart. If I had to purchase an altcoin, nonetheless, even at this level, it will be Solana and it will be LINK.”
Subsequent up, the dealer says Bitcoin might mirror a worth sample in 2018 and soar to a spread excessive of $60,000.
“Goal-wise, if we break this stage [at $35,028] I simply suppose $60,000 is subsequent. I feel for those who come and reclaim vary, it’s moon time. If you happen to examine it to 2018, we had a consolidation. We had a breakdown. This was a little bit bit longer of a breakdown, however identical, after which individuals had been attempting to brief the retest and that very a lot didn’t go to plan. It fully went to the vary excessive, which I’ve outlined right here.
So if it performs out the very same manner you’d mainly be at a spread excessive in two months, which I feel isn’t essentially tremendous possible, however it’s doable. If we get good ETF (exchange-traded fund) information, I feel that might be doable. But additionally we’ve excessive timeframe resistance proper now.”
Bitcoin is buying and selling for $34,253 at time of writing.
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