A widely known cryptocurrency analyst believes that one of Ethereum’s (ETH) competitors could see a double-digit drop before staging a massive rally to a new all-time high (ATH).
Anonymous cryptocurrency trader Kaleo told his 645,400 followers on social media platform X that Solana (SOL) could drop by more than 36% from its current value.
“SOL/Solana: $80s, New All-Time High.”
Looking at the chart, the trader predicts that SOL could drop to around $80 before breaking through $263.
As of this writing, Solana is priced at $125, down more than 5% in the last 24 hours.
The analyst then warns that Bitcoin (BTC) could drop to $42,500, a drop of more than 21% from its current value. He also suggests that Bitcoin could make a huge breakthrough after the US presidential election on November 5 and surpass $88,000 in early 2025.
“Okay guys, I still believe we’ll have a crash post elections, but my IHS (Inverse Head and Shoulders) theory seems to be invalidated where my initial buy target was. Why is that? Stocks are still making a decent move down left, BTC/alts are holding steady while SPY/QQQ doesn’t see any reason to print more red candles. Several major stocks are at HTF (High Time Frame) support levels, so it makes sense to flush quickly here.”
At the time of writing, Bitcoin is trading at $53,906, down about 4% over the last 24 hours.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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