A widely followed analyst and trader is banking on a large-cap altcoin amid a broader crypto market rally.
The pseudonymous analyst known as Pentoshi tells his 809,700 followers on social media platform X that Solana (SOL) is in the “waiting room at an all-time high.”
On the weekly timeframe, Pentoshi shares a chart suggesting that Solana has formed a double bottom pattern, a technical analysis structure that is generally considered bullish as buyers step in to prevent an asset from printing new lows.
According to the widely followed analyst, Solana is close to clearing its resistance at around $204, which has kept SOL bearish since 2022.
“While there might be some resistance in the short term, I don’t expect it to last too long.
Structurally it looks superb and, in my opinion, the dips are worth buying.
This is expected to reach all-time highs this month.
The analyst also says his long-term target for Solana is a price around 110% above current levels.
“Above $200 and it will likely hit all-time highs soon after.” Long term goal $420.69. Not a cent more.
Solana is trading at $200 at the time of writing, up about 20% this month.
As for the broader altcoin market, Pentoshi says TOTAL3, which tracks the total market capitalization of all crypto assets excluding Bitcoin (BTC) and Ethereum (ETH) and stablecoins, is likely to increase by around 14% from the current level.
“Altcoins. I think we will see a breakout in the near future and move back towards the $760 billion mark. This continues to hit and I believe space has gotten the green light.
The market capitalization of TOTAL3 hovers at $668 billion.
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