Top Trader Says No Resistance for Solana Until Well Above $100, Unveils Forecast for One Ethereum-Based Altcoin

dailyhodl.com 08 November 2023 10:32, UTC

Bitcoin

A crypto trader who accurately called Bitcoin’s ($BTC) 2018 bear market price floor is predicting Solana ($SOL) will easily soar beyond $100.

Pseudonymous analyst Bluntz tells his 226,000 followers on the social media platform X that the Ethereum (ETH) competitor Solana will likely increase by more than 218% from its current value after a long accumulation phase.

“These high timeframe accumulation breaks after 90% drawdowns are the things dreams are made of. No high time frame resistance in my opinion until $137 on $SOL.”

Source: Bluntz/X

He also says that Solana is showing bullish momentum after breaking out of a downward channel.

“$SOL baby let’s go. LTF (low time frame) accumulation and channel breakout.”

Source: Bluntz/X

Solana is trading for $42.95 at time of writing.

The trader also weighs in on the liquid-staking service provider Lido DAO ($LDO). According to Bluntz, the $LDO against Bitcoin ($LDO/$BTC) pair may have already carved a cycle low.

“$LDO/$BTC from inception. Trying to keep a level head about it and not get carried away, but good chance this is a cycle bottom against $BTC.”

Source: Bluntz/X

Looking at $LDO versus the US dollar ($LDO/USD), Bluntz says that the pair is flashing a bullish setup on the four-hour chart.

“$LDO consolidating above the prior high, gearing up for the next markup in my opinion. I really like this setup. $LDO/$BTC ended up closing the week as a very nice engulfing as well.”