Crypto Analyst Says Top Ethereum Competitor To Plunge Lower Before Surging Higher, Updates Outlook on Bitcoin
A widely followed crypto analyst believes that one Ethereum (ETH) rival may dip lower before having an explosive rally.
In a new strategy session, pseudonymous crypto trader Inmortal tells his 229,300 followers on the social media platform X that Solana (SOL) may decline further due to fears over the impact of an upcoming massive token unlock of more than 11 million SOL.
Token unlocks are often seen as bearish for a crypto asset as it implies more available supply for selling. However, unlocks don’t always result in corrections or crashes, and sometimes even precede rallies.
“If bottom is not in, it’s very, very close. My take is:
- We’ll front-run $120 lows.
- Unlocks priced in.
- Overreaction.
After we get zero reaction to unlocks, we accelerate again.”
Source: Inmortal/X
Solana is trading for $168 at time of writing, down 4.5% in the last 24 hours.
The analyst also says he is bullish on Bitcoin (BTC) as the flagship crypto asset continues to hold $92,500 as support on the 12-hour chart.
“Imagine being bearish.”
Source: Inmortal/X
Lastly, the analyst doubles down on his prediction that ETH will hit $4,400 by June.
“You know what happens when FUD (fear, uncertainty and doubt) doesn’t impact the price? This dream is still in play. Slow grind plus god candle.”
Source: Inmortal/X
ETH is trading for $2,683 at time of writing, down 1.7% in the last 24 hours.
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