18
An analyst known for attaining the “Master Trader” rank on the crypto exchange Bybit believes that rallies are in sight for Solana ($SOL).
Pseudonymous analyst Bluntz tells his 321,400 followers on the social media platform X that he’s now bullish on the native asset of the layer-1 protocol after moving above a diagonal resistance that has kept $SOL bearish since late May.
The trader thinks that Solana and other coins operating on its network will witness rallies this week, at the very least.
“Nice downtrend break on $SOL overnight, I think we’re in for a good week [this] week. $SOL ecosystem [coins] also starting to perk up and look real good again.
I think we’re back, baby.”
At time of writing, $SOL is worth $152.
One Solana coin that’s on the trader’s radar is the non-fungible token (NFT) project Pudgy Penguins ($PENGU). According to the analyst, $PENGU looks primed to surge after breaking out from a falling wedge structure, which is a bullish reversal pattern.
“Absolute monster breakout on $PENGU here overnight.
Absolutely amazing chart here and will go much higher, in my opinion.
Looking like a standout leader, also never had a proper price discovery run yet, so expecting this one to be a banger.”
Based on the trader’s chart, he seems to predict that $PENGU will hit $0.025. At time of writing, $PENGU is worth $0.014, up over 6% in the past day.
As Bluntz flips bullish on Solana and $PENGU, he is also hinting that altcoins are on the verge of outperforming Bitcoin ($BTC). The trader shares the Bitcoin Dominance ($BTC.D) chart, which tracks how much of the crypto market cap belongs to $BTC.
Based on the trader’s chart, he seems to suggest that $BTC.D is flashing a bearish divergence on the three-day chart, suggesting that a bearish reversal is in play. A bearish $BTC.D chart indicates that altcoins are gaining value faster than Bitcoin.
Says Bluntz,
“$BTC.D presented without comment.”
At time of writing, $BTC.D is trading at 65.45%.
Generated Image: Midjourney
u.today
1
