Top Trader Says No Resistance for Solana Until Well Above $100, Unveils Forecast for One Ethereum-Based Altcoin

November 08, 2023

A crypto trader who accurately called Bitcoin’s (BTC) 2018 bear market price floor is predicting Solana (SOL) will easily soar beyond $100.

Pseudonymous analyst Bluntz tells his 226,000 followers on the social media platform X that the Ethereum (ETH) competitor Solana will likely increase by more than 218% from its current value after a long accumulation phase.

“These high timeframe accumulation breaks after 90% drawdowns are the things dreams are made of. No high time frame resistance in my opinion until $137 on SOL.”

He also says that Solana is showing bullish momentum after breaking out of a downward channel.

“SOL baby let’s go. LTF (low time frame) accumulation and channel breakout.”

Solana is trading for $42.95 at time of writing.

The trader also weighs in on the liquid-staking service provider Lido DAO (LDO). According to Bluntz, the LDO against Bitcoin (LDO/BTC) pair may have already carved a cycle low.

“LDO/BTC from inception. Trying to keep a level head about it and not get carried away, but good chance this is a cycle bottom against BTC.”

Looking at LDO versus the US dollar (LDO/USD), Bluntz says that the pair is flashing a bullish setup on the four-hour chart.

“LDO consolidating above the prior high, gearing up for the next markup in my opinion. I really like this setup. LDO/BTC ended up closing the week as a very nice engulfing as well.”