Two crypto analysts say a challenger to Ethereum (ETH) is beginning to show signs of strength despite the ongoing downtrend in digital asset markets.
Pseudonymous analyst Pentoshi tells his 576,200 Twitter followers that smart contract platform Solana (SOL) looks bullish as it remains afloat despite last week’s sharp correction.
“SOL incredible strength through it all. Once the market settles down I think it’s good for $34 and possibly $40. Managed to fully endure last week’s carnage. I grabbed a small bag.”
Source: Pentoshi/Twitter
At the time of writing, Solana is changing hands for $32, up over 21% from its 2022 bottom of $26.43.
Crypto strategist Cantering Clark is also bullish on Solana. The dealer says that he placed long positions on Solana in anticipation that SOL will overcome its diagonal resistance.
“Some very interesting buys at SOL at the moment. The strength against all other pairs is quite pronounced. If we get any kind of breakout from this decline, I’ll be there like white on rice.”
Source: Galloping Clark/Twitter
Meanwhile, cryptanalyst Capo doesn’t share Pentoshi and Cantering Clark’s optimistic feelings. The pseudonymous trader who dubbed Bitcoin’s collapse below $30,000 says he expects Solana to lose over 40% of its value from current prices.
“$18-$20 looks like a good level.”
Source: Capo/Twitter
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia