A pair of crypto analysts say one Ethereum (ETH) challenger is beginning to flash signs of strength despite the sustained bearish trend across the digital asset markets.
Pseudonymous analyst Pentoshi tells his 576,200 Twitter followers that smart contract platform Solana (SOL) looks bullish as it continues to stay afloat despite last week’s sharp correction.
“SOL incredible strength through all this. Once the market settles, I think it’s good for $34 and potentially $40. Managed to hold on through the carnage of the last week entirely. I grabbed a small bag.”
At time of writing, Solana is changing hands for $32, up over 21% from its 2022 low of $26.43.
Fellow crypto strategist Cantering Clark is also bullish on Solana. The trader says that he placed long positions on Solana with the expectation that SOL will take out its diagonal resistance.
“Some very interesting buying on SOL right now. Strength against all other pairs is quite pronounced. If we get some type of breakout of this decline, I will be on this like white on rice.”
Meanwhile, crypto analyst Capo does not share the bullish sentiments of Pentoshi and Cantering Clark. The pseudonymous trader who called Bitcoin’s collapse below $30,000 says he expects Solana to lose over 40% of its value from current prices.
“$18-$20 looks like a good level.”
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia