A closely followed crypto strategist thinks layer-1 rivals Ethereum (ETH) and Solana (SOL) are gearing up for rallies to new all-time highs.
Pseudonymous analyst Inmortal tells his 217,500 followers on the social media platform X that he believes Ethereum is in the midst of a brief consolidation period before rallies to new record-high levels.
The trader shares a chart suggesting that Ethereum will eventually break out en route to $5,000.
“Simple structure, simple trade, simple life.”
Source: Inmortal/X
Based on the trader’s chart, he seems to suggest that ETH has formed a solid base below $2,800 that now serves as the foundation for a new uptrend.
At time of writing, ETH is trading for $3,113, more than 36% down from its all-time high of $4,878.
Looking at Solana, Inmortal thinks that SOL is now ready to print a new all-time high after breaking out from a symmetrical triangle structure, a technical analysis formation traditionally seen as a bullish continuation pattern.
“Send [Solana] to new ATH (all-time high).”
Source: Inmortal/X
At time of writing, SOL is trading for $235, about 9% away from hitting its all-time high of $259.96.
The trader is also bullish on the meme token Floki (FLOKI). Inmortal predicts that FLOKI is poised for rallies to $0.00035 after taking out its resistance at $0.00024.
“The outperformer.
FLOKI.”
Source: Inmortal/X
At time of writing, FLOKI is worth $0.000256.
Generated Image: DALLE3
