A well-known crypto strategist, Pentoshi, recently provided an update on his stance on Bitcoin (BTC) as well as expressing his bullishness on Solana (SOL), an Ethereum (ETH) competitor.
Pentoshi, who has a large following of 700,500 Twitter followers, stated that he remains bullish on Solana as long as it trades above the $22.30 level. According to him, this is the key level to watch and if Solana stays above it, he believes the bullish trend will continue. However, if it falls below this level, he expects it to decline further to a support level of $20.
Solana has experienced a significant rally since hitting a low of $12.80 in June. At the time of writing, it is trading at $24.89, reflecting a more than 94% increase. Pentoshi’s analysis indicates that the price action on Solana’s high time frames will determine whether it can maintain its range highs. If it starts to drop below the $25 level, the next key support level to watch is $22.30.
In terms of Bitcoin, Pentoshi notes that its price has been relatively stagnant for the past few weeks. He is looking for a breakout above the $29,700 level as a signal to go long on BTC. He emphasizes that this level is crucial for Bitcoin’s price action and a close above it would indicate a bullish trend. Alternatively, if the price fails to reclaim the $29,700 level, he suggests considering a deeper entry point for a long position.
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Bitcoin is currently trading at $29,339, with a 0.4% increase in the last 24 hours.
It’s important to note that Pentoshi’s analysis is based on his own observations and opinions. Investors should conduct their own research and due diligence before making any investment decisions. High-risk investments in cryptocurrencies like Bitcoin and Solana should be considered carefully, and any losses incurred are the responsibility of the investor.
The Daily Hodl, where the content originated, reminds readers that the information provided is not investment advice and that investors should exercise caution and conduct thorough research before engaging in cryptocurrency trading or investment strategies.
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In conclusion, Pentoshi remains bullish on Solana as long as it stays above the $22.30 level. He believes that Solana’s chart looks constructive on high time frames and emphasizes the importance of key support levels. Regarding Bitcoin, he is awaiting a breakout above the $29,700 level to confirm a bullish trend. Investors should exercise caution and conduct their own research before making any investment decisions, as the cryptocurrency market can be highly volatile.
