A closely followed crypto strategist and trader thinks one Ethereum (ETH) competitor is gearing up for a breakout.
Pseudonymous analyst Inmortal tells his 223,100 followers on the social media platform X that Solana (SOL) may be forming a bullish pattern on the daily chart and could surge more than 18% from its current value.
“If you ask me, SOL is starting to look good again. Only thing we need now is a higher high [price] to confirm a break in MS (market structure.)”
Looking at his chart, the trader suggests SOL will surge to $240 and retrace to around $210 before resuming its uptrend to around its all-time high of $263.
Solana is trading for $219 at time of writing, up 4.7% in the last 24 hours.
Next up, the trader weighs in on Bitcoin after BTC reclaimed the $100,000 range this week, following a correction to $89,000 on Monday.
“Are you telling me it was as easy as just wait?”
Looking at his chart, the trader suggests Bitcoin may correct down to as low as $95,000 later this month on the eight-hour chart before surging to as high as $127,000 in February.
Bitcoin is trading for $104,569 at time of writing, up 5% in the last 24 hours.
Lastly, the analyst says that the Bitcoin layer-2 project Stacks (STX) may have just witnessed a swing failure pattern (SFP) after bouncing from $1.40 on the daily chart.
SFPs are often looked for by traders as potential reversal points.
“You don’t need to be a genius to realize STX chart looks bottomed. SFP + demand tested + [inverse head and shoulders pattern]. Could take some time but it’s a high probability setup for me.”
Looking at his chart, he suggests STX may surge to about $2.80.
STX is trading for $1.68 at time of writing, up 7.9% in the last 24 hours.
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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 losses 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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