Top Analyst Believes Solana Will Reach It’s ATH Again But Won’t Buy Before It Drops To This Range
Renowned Twitter analyst and technical analysis expert, Pentoshi, has shared his insights on Solana (SOL), expressing optimism about its potential for a bullish breakout. In a recent tweet, the analyst stated that the overall chart for SOL looks “very constructive” on higher time frames (HTFs), indicating a favorable outlook for the cryptocurrency.
However, Pentoshi also highlighted the importance of holding the previous range highs for the bullish scenario to remain intact. He noted that a deviation from the current trajectory could be a cause for concern. In the event that SOL starts closing back inside those previous range highs, the analyst would then be closely eyeing the $22.30 level as the next potential support.
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The top-notch analyst appeared particularly enthusiastic about the cryptocurrency’s prospects in the context of “cult-like communities” during the upcoming bull run. Such communities have shown their influence and impact on the crypto market in the past, and Pentoshi seems to anticipate a similar trend for the future.
Taking a deeper look at SOL’s performance on various trading pairs, Pentoshi remarked that the cryptocurrency is displaying “promising signs of life” when paired with both Bitcoin (BTC) and Ethereum (ETH). Additionally, there is a potential deviation and trendline break on the USD pair, further fueling the analyst’s bullish sentiment.
Pentoshi’s conviction in SOL is evident as he revealed plans to heavily invest in the cryptocurrency this year. It stands out as one of his strongest bets for the anticipated bull run, which he believes will arrive sooner or later.
Addressing some concerns and questions from the crypto community, Pentoshi responded to a comment suggesting the possibility of new all-time highs for SOL in the next bull cycle. While the analyst acknowledged the uncertainty, he leaned towards a more cautious approach and expressed doubts about the likelihood of an exact ETH fractal play. Nonetheless, Pentoshi remained confident that SOL has the potential to perform exceptionally well when market participants return to the crypto space.
Looking at the bigger picture, Pentoshi emphasized the importance of understanding the schedule and magnitude of venture capital (VC) unlocks for Solana. These unlocks could have significant implications for the cryptocurrency’s price trajectory, making it crucial for investors to be informed about their timing and impact.
When asked about the possibility of SOL revisiting the $8-12 zone before the bull run, Pentoshi dismissed the idea for now. He preferred analyzing the market structure level by level, considering the current stage of the bear market.
Pentoshi’s insights have garnered significant attention from the crypto community, with many acknowledging his analytical prowess and market expertise. As Solana continues to gather momentum and attract interest, traders and investors will undoubtedly keep a close eye on this well-known trader’s assessments for potential trading opportunities in the market.
Disclaimer: The information provided by Pentoshi is for educational and informational purposes only and should not be considered as financial advice. Cryptocurrency investments carry inherent risks, and readers are encouraged to conduct their own research and seek professional advice before making any investment decisions.
