The widely followed analyst and trader is taking a bullish stance on large-cap altcoins amid the broader cryptocurrency market rally.
The analyst, who goes by the pseudonym Pentoshi, told his 809,700 followers on social media platform
In the weekly time slot, Pentoshi shares a chart that suggests Solana has formed a double bottom pattern, a technical analysis structure that is generally considered bullish when buyers step in to prevent an asset from hitting new lows.
Solana is on the verge of clearing resistance around $204, where it has been weak since 2022, according to a widely respected analyst.
“There may be some short-term resistance ahead, but we don’t expect it to last too long.
Structurally this looks good and in my opinion the dip is for buying.
“We should challenge the all-time high this month,” he said.
The analyst also said Solana’s long-term target is a price roughly 110% above current levels.
“Once we get above $200, we are likely to hit an all-time high soon. Long-term goal $420.69. “It’s not even one cent higher.”
Solana is trading at $200 at the time of this writing, up about 20% this month.
Pentosh turned its attention to the broader altcoin market, predicting that TOTAL3, which tracks the total market capitalization of all cryptocurrency assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, could rise by about 14% from current levels. He said there was a possibility.
“Altcoin. I think we will see a breakthrough in the near future and get back to the $760 billion level. “We keep knocking and it looks like the space has been approved.”
TOTAL3’s market capitalization amounts to $668 billion.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us XFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney