Trader Says One Large-Cap Altcoin Looks ‘Incredibly Good,’ Sees Solana (SOL) Grinding Higher
A crypto strategist known for his timely Bitcoin (BTC) calls says he has his eye on two large-cap altcoins.
In a new strategy session, pseudonymous analyst Cheds tells his 50,400 YouTube subscribers that he’s bullish on Ethereum (ETH), despite failing to sustain a rally after printing a new all-time high.
According to the trader, Ethereum appears to be in the process of flipping a major resistance level into support, which would put ETH in a stronger position to reach new all-time high territory.
“Ethereum still looks incredibly good. We had the beautiful, the magnificent, nobody’s ever seen it, this beautiful descending broadening right angle wedge – a breakout from that, and really the measured move, whether you go log or linear again [is] $6,500 and $9,000…
Ethereum even though we have this measured move $6,500 or $9,000, you have the prior all-time high resistance. [You] can’t overlook it.
So even though there’s the measured move from the broadening wedge, it paused at all-time high [level], so that’s resistance. You’ve got support here, and very simply, Ethereum is pretty easy to mark up here because you’re going to zoom in and you’re going to say, if I get a shot, if I get a bullish retest, a throwback, $3,950, $4,000, I’m jumping in, and you’ve got your overhead level. Very well described.”
At time of writing, Ethereum is trading for $4,279.
Another coin on the trader’s radar is Solana (SOL). According to Cheds, Solana appears to be working its way up above $200, but it’s struggling to do so. However, Cheds says that Solana will likely continue to climb as long as bulls defend a key level.
“It’s grinding higher. It doesn’t have a straight-up breakout feel, and a lot of people keep getting these early [failed breakouts]. It’s grinding. It’s breaking out and pushing back into the range, but what’s most notable is this rising demand trend.
More aggressive buyers along the way. I think as long as that continues, despite the choppy breakout nature, I think it’s likely to continue. It looks pretty good to me. For me… I’d love to buy back at $180. That’s kind of the key level for me still.”
At time of writing, SOL is trading for $200.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Trader Says One Large-Cap Altcoin Looks ‘Incredibly Good,’ Sees Solana (SOL) Grinding Higher appeared first on The Daily Hodl.