One widely followed analyst and trader is leaning bullish on the large-cap altcoin amid the broader cryptocurrency market rally.
The analyst known as Bentucci tells his 809,700 followers on social media platform X that Solana (SOL) is in the “highest waiting room ever.”
On the weekly time frame, Bentucci shares a chart indicating that Solana has formed a double bottom pattern, a technical analysis structure typically considered bullish as buyers intervene to prevent the asset from making new lows.
Source: Bentoshi/X
According to the widely followed analyst, Solana is about to take out its resistance at around $204, which has kept SOL bearish since 2022.
“Although there may be some short-term resistance ahead, I don’t expect it to last for very long.
Structurally, this looks great, and in my opinion, dips are a good buy.
It should challenge all-time highs this month.
The analyst also says his long-term target for Solana is a price about 110% higher than the current level.
“Above $200, likely seeing all-time highs soon after. Long term target $420.69. Not a cent higher.”
Solana is trading at $200 at the time of writing, up about 20% this month.
Turning to the broader altcoin market, Pintucci says TOTAL3, which tracks the total market cap of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, is likely to rise about 14% from the current level.
“Altcoins. I think we will see a breakout in the near future and go back towards the $760 billion level. She keeps bringing this up and I think the space got the green light.
Source: Bentoshi/X
TOTAL3’s market capitalization is $668 billion.
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