Ethereum Rival Solana Is In The “Waiting Room” At Its Highest Level Ever, Crypto Analyst Says – Here’s His Outlook

by Junna Base November 10, 2024

A widely followed analyst and trader is bullish on a large-cap altcoin amid a broader crypto market rally.

The analyst, known by the pseudonym Pentoshi, tells his 809,700 followers on the social media platform X that Solana (SOL) is in the “waiting room of all time.”

On the weekly timeframe, Pentoshi shares a chart that suggests Solana has formed a double bottom pattern, a technical analysis structure typically considered bullish when buyers intervene to prevent an asset from hitting new lows.

Source: Pentoshi/X

According to the widely followed analyst, Solana is close to breaking through its resistance at around $204, which has kept SOL bearish since 2022.

“Although there may be resistance in the short term, I don’t expect it to last for too long.

Structurally it looks great and in my opinion dips are buyable.

There are likely to be challenging all-time highs this month.”

The analyst also says that his long-term target for Solana is a price around 110% above current levels.

“Over $200 and it should hit an all-time high shortly thereafter. Long-term goal: $420.69. Not a cent higher.”

Solana is trading at $200 at the time of writing, up about 20% this month.

Looking at the broader altcoin market, Pentoshi says TOTAL3, which tracks the total market capitalization of all crypto assets excluding Bitcoin (BTC) and Ethereum (ETH), as well as stablecoins, is likely to rise by around 14% from current levels.

“Altcoins. I think we will see a breakthrough in the near future and get closer to the $760 billion mark again. It keeps getting knocked and I believe the space has been given the green light.”

TOTAL3’s market capitalization is $668 billion.

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