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.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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