A top crypto strategist who has been making timely calls on altcoins lately believes that one Ethereum (ETH) challenger is on the verge of printing a domestic bottom.
Brandts, a pseudonymous analyst, told his 254,000 followers on social media platform X that he is bullish on Solana (SOL).
According to the top trader, Solana expects Bitcoin (SOL/BTC) to bottom around 0.0025 BTC ($179.57) before starting a new rally.
“In my opinion, SOL/BTC is very close to the bottom and it just needs to sweep through this low one last time on an hourly basis to get this 5C in.”
Mr. Brandts practices Elliott wave theory. This states that bullish assets tend to witness a new rally after completing the ABC correction wave. A look at traders’ charts seems to suggest that wave C will end soon, paving the way for a rally above 0.003BTC ($215).
At the time of writing, SOL/BTC is trading at 0.002519 BTC ($180.94).
Against the US dollar, Brandts expects SOL to witness further sideways consolidation before triggering a rally to a new high of $230 in 2024.
“We are open to the possibility of a sideways correction for SOL here. The main reason is that SOL/BTC has already achieved ABC and appears to be very close to the bottom having wiped out the lows. If that bottom does not make sense for SOL/BTC, then the USD will fall below $160. ”
At the time of writing, SOL is worth $180.64.
Mr. Brandts also has a name for one altcoin. believe Could spark a rally in Solana-based non-fungible tokens (NFTs).
“TNSR Airdrop…In my opinion, it is likely to kickstart the SOL NFT season.
People who don't like buying JPEGs will be happy to buy tokens, and NFT friends who like JPEGs will [will] I'll probably sell Stimmies (airdropped tokens) and buy more JPEGs.
flywheel effect. ”
TNSR is the governance token of Solana's most popular NFT platform, Tensor. Eligible users can now claim free her TNSR tokens via the Jupiter (JUP) LFG launchpad.
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