Trader Says Ethereum Competitor at a ‘Generational’ Entry Point, Outlines Path Forward for Bitcoin and FLOKI
A closely followed crypto strategist believes that one Ethereum (ETH) competitor may have reached a local bottom amid a broad market sell-off.
Pseudonymous analyst Inmortal tells his 231,100 followers on the social media platform X that Solana (SOL) may be presenting a rare buying opportunity after hitting the 24-hour low of $112.
“SOL: feels like a generational entry.”
Source: Inmortal/X
Looking at his chart, the trader suggests SOL is printing a similar pattern from 2021, when SOL dipped more than 60% from its local top before putting up massive gains.
SOL is trading for $116 at time of writing, down 1.8% in the last 24 hours.
Next up, the analyst suggests that Bitcoin (BTC) is on the verge of breaking out and may reclaim the $100,000 level as support by next month.
“Maybe this dream [will] come true, just maybe.”
Source: Inmortal/X
Bitcoin is trading for $82,719 at time of writing, flat on the day.
The analyst is also turning bullish on FLOKI (FLOKI) as the memecoin bounces off of lows not seen since more than a year ago.
“Floki at pre-bull market levels is crazy. Added some spot here, see you in a few months.”
Source: Inmortal/X
FLOKI is trading for $0.00005453 at time of writing, down 1.8% in the last 24 hours.
Lastly, the analyst says that ETH may be on the verge of a bullish reversal based on historical precedence.
“Expansions lead to retraces. Retraces lead to bounces. Bounce soon.”
Source: Inmortal/X
ETH is trading for $1,810 at time of writing, flat on the day.
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