A closely followed crypto strategist and trader believes an Ethereum (ETH) competitor is preparing for a breakthrough.
Pseudonymous analyst Inmortal tells his 223,100 followers on social media platform
“If you ask me, SOL is starting to look good again. The only thing we need now is a higher high (price) to confirm a breakout in MS (market structure.)”
Looking at his chart, the trader suggests that SOL will climb to $240 and return to around $210 before resuming its uptrend around its all-time high of $263.
Solana is trading at $219 at the time of writing, up 4.7% in the last 24 hours.
Next, the trader looks at 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 simple as waiting?”
Looking at his chart, the trader suggests that Bitcoin could fall as low as $95,000 later this month on the eight-hour chart before climbing as high as $127,000 in February.
Bitcoin is trading at $104,569 at the time of writing, up 5% in the last 24 hours.
Finally, the analyst claims that Bitcoin Layer 2 Project Stacks (STX) may have just experienced a swing failure pattern (SFP) after bouncing from $1.40 on the daily chart.
SFPs are often looked to by traders as potential reversal points.
“You don’t have to be a genius to realize that the STX chart appears to have bottomed out. SFP + tested demand + (reverse head and shoulders model). This might take a while, but it’s a high probability setup for me.
Looking at its chart, it suggests that STX could reach around $2.80.
STX is trading at $1.68 at the time of writing, up 7.9% in the last 24 hours.
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