In a recent tweet, popular crypto strategist and trader Pentoshi expressed his bullish sentiment on Solana (SOL), a major competitor to Ethereum (ETH). With a large following of over 697,200 Twitter followers, Pentoshi believes that SOL is showing promising signs of breaking above its horizontal and diagonal resistances at around $20. According to the analyst, SOL also appears to be strong against both Bitcoin (BTC) and Ethereum (ETH).
Pentoshi plans to heavily invest in SOL this year, considering it as one of his strongest conviction bets for the upcoming bull run, whenever it may occur. To support his bullish sentiment, Pentoshi shared a chart of SOL/BTC, which indicates a potential double-bottom reversal structure on the daily chart.
At the time of writing, SOL is trading at $21.62 and has experienced a growth of over 6% in the last 24 hours.
However, Pentoshi also expressed his interest in Bitcoin, stating that he is waiting for buy-the-dip opportunities for BTC. The analyst believes that the narrative surrounding the exchange-traded fund (ETF) will push the price of Bitcoin higher as the ETF date approaches, speculating on the inflow of billions of dollars. He acknowledges that sellers might win small battles, but buyers have been winning the war this year.
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Pentoshi has set a potential accumulation zone for BTC at $26,600, which he refers to as the “dip I want to buy” in the grey box. He also mentions a potential selling point at the magnet around $32,400. The analyst claims to have been long and strong on Bitcoin since $26,600, aiming to capture the meat of the move.
As of now, Bitcoin is trading at $30,114.
Pentoshi’s insights and predictions have garnered significant attention within the crypto community due to his successful track record in the industry. His analysis serves as valuable information for investors looking to make informed decisions in the volatile market.
It’s important to note, however, that the content provided by Pentoshi and the Daily Hodl should not be considered as investment advice. Potential investors should conduct their own research and analysis before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades in the crypto market always come with their own risks, and any losses incurred are the responsibility of the investor.
In conclusion, Pentoshi’s bullish sentiment on Solana and his interest in Bitcoin provide valuable insights for crypto enthusiasts and investors. Solana’s potential break above its resistances and its strength against Bitcoin and Ethereum make it an attractive investment option. However, investors should proceed with caution and conduct their own due diligence before making any investment decisions.
